Since President Donald Trump launched military attacks in Iran in late February, the average cost of a gallon of gas in the United States has risen from about $2.94 a gallon to $4.10 on Aug. 26, according to AAA. While this has meant higher costs for consumers, it has also fueled big profits for oil and gas companies and their stockholders, including Trump himself.
According to a report released on Aug. 24 by the minority staff at Congress’ Joint Economic Committee, Americans have spent about $71.5 billion more on gasoline since the start of the Iran war. The average family paid an additional $604 for fuel over that time.
Much of that money has gone to higher profits for Big Oil companies, according to the report; since the start of 2026, they have reported profits of more than $125 billion.
As a candidate in the 2016 presidential election, Trump told voters: “Please remember this: I will never put personal profit before national security. Nobody should. … I will never, ever put the special interests before the national interests.”
While other presidents have traditionally avoided trading stocks, Trump has continued to buy and sell them as president. Richard Painter, who served as ethics adviser to the George W. Bush White House, told the Associated Press in May, “Technically he can do this, but it is a fundamental breach of trust.”
A White House spokesperson said in a statement sent to the AP, “Neither President Trump, his family, nor the Trump Organization plays any role in selecting, directing, or approving specific investments.”
According to the Joint Economic Committee minority staff report, Trump owned somewhere between $12.5 million and $45.6 million in oil and gas company stocks in 2025. Because those stocks have gained about 39% in value in 2026, those holdings would now be worth between $17.2 million and $61.1 million, giving the president a windfall of somewhere between $4.6 million and $15.5 million.
“President Trump continues to get richer from an illegal war that he started and refuses to resolve, while Americans pay the price for his actions,” said New Hampshire Democratic Sen. Maggie Hassan, ranking member of the Joint Economic Committee, in a statement. “On the campaign trail, Trump promised giveaways for Big Oil and relief for working families, but he can’t deliver both. Since launching his war with Iran, Trump has made clear that he puts his own financial interests – and those of his biggest bankrollers – ahead of Americans who are burdened with higher costs for gas and everyday essentials under this administration.”
Trump is required to publicly disclose his personal financial holdings annually, though the forms only require officials to list the names of stocks and provide a range of values for each rather than an exact dollar amount.
The White House did not immediately respond to a request for comment for this story.
