Trump’s oil and gas investments have doubled since the Iran war
‘President Trump’s priority has been and continues to be lowering gas prices for American families,’ a White House spokesperson said
President Donald Trump’s personal holdings in oil and gas stocks nearly doubled in value in the past year while regular Americans have experienced soaring fuel prices from the Iran war, a new report revealed.
Trump’s holdings in those stocks are worth between $22.5 million and $81.6 million, up from between $12.6 million and $46 million at the end of 2025, Democrats on the congressional Joint Economic Committee announced in a report Monday.
The increase reflects both rising values in stocks Trump already owned and millions of dollars in new purchases this year. More than 94 percent of those purchases came after the U.S. and Israel attacked Iran in late February, the report said.
Americans have faced sharply higher fuel costs as a result of the conflict, which has stretched on for seven months with no clear end in sight. The national average price of gasoline stood at $4.29 a gallon Monday, up from $2.98 two days before the conflict began, according to AAA. American families have spent an additional $101 billion on gas since the war began — an average of $856 per family, the report found.
Trump has repeatedly called higher oil prices a “small price to pay” for neutralizing Iran’s nuclear threat, even as polls show those costs remain a source of anxiety for many voters. At a rally Saturday, the president touted the profits flowing to American oil companies, telling supporters: “We’re making a freakin’ fortune.”
“The United States oil and gas business is making hundreds of billions of dollars,” Trump said. “Our country is making hundreds of billions of dollars because of what's happened in the Middle East.”
ExxonMobil and Chevron account for most of Trump’s oil and gas holdings. Both companies’ shares have climbed more than 20 percent since February.
The White House said the 80-year-old president remains focused on easing pain at the pump and has no direct role in managing his stock portfolio.
“President Trump’s priority has been and continues to be lowering gas prices for American families,” White House spokesperson Davis Ingle told The Independent. “The President’s stock and bond portfolio is independently managed by third-party financial institutions. All holdings are maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes, such as the Schwab 1000.”
“Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested or when investments are bought or sold,” Ingle added. “All investment decisions are made entirely by independent managers. There are no conflicts of interest.”
Trump, the nation’s wealthiest president, has seen his net worth rise by more than $1 billion since returning to office last year, driven largely by his cryptocurrency and hospitality investments.
The report’s findings come a week ahead of the midterm elections, with multiple polls predicting heavy Republican losses that could cost the party control of both the House and the Senate.