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U.S. Oil Industry Profits Top $130 Billion During Iran War
Confirmed
In Short: President Trump has highlighted the substantial profits made by the U.S. oil and gas industry during the ongoing conflict with Iran.
President Trump has highlighted the substantial profits made by the U.S. oil and gas industry during the ongoing conflict with Iran, boasting that companies are 'making hundreds of billions of dollars.' According to a report by Democrats on the Congressional Joint Economic Committee, the president's personal holdings in oil and gas have increased from $12.6 million to $46 million at the end of 2025 to between $22.5 million and $81.6 million as of October 2026.
Sen. Maggie Hassan of New Hampshire, the top Democrat on the Joint Economic Committee, criticized the president, stating, 'Trump's Iran War has forced Americans to pay much more at the pump while Big Oil rakes in profits and the president's own stock wealth in the oil and gas industry continues to balloon.'
The nation’s top 50 oil companies have combined for more than $130 billion in profit since the start of the war, with drivers across the country experiencing significantly higher gas prices. In August, Mr. Trump had called out ExxonMobil and Chevron by name for making 'too much money' on fuel profits.
The report also noted that the president's advisers had advised him not to mention how much money the oil and gas industry is making from the chaos in the Middle East. Filers are only required to report transaction ranges, not specific amounts.
The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel, and other fuel. A gallon of gas was priced at $4.20 Friday, marking the third straight month that the average price has stayed above $4, according to motor club AAA.
Background
However, the Pentagon later canceled the plan to livestream the execution following mounting opposition from lawmakers and international observers.
What's confirmed
- President Trump has highlighted the substantial profits made by the U.S. oil and gas industry during the ongoing conflict with Iran, boasting that companies are 'making hundreds of billions of dollars.' According to a report by Democrats on the Congressional Joint Economic Committee, the president's personal holdings in oil and gas have increased from $12.6 million to $46 million at the end of 2025 to between $22.5 million and $81.6 million as of October 2026.
- The nation’s top 50 oil companies have combined for more than $130 billion in profit since the start of the war, with drivers across the country experiencing significantly higher gas prices. In August, Mr. Trump had called out ExxonMobil and Chevron by name for making 'too much money' on fuel profits.
- The report also noted that the president's advisers had advised him not to mention how much money the oil and gas industry is making from the chaos in the Middle East. Filers are only required to report transaction ranges, not specific amounts.
- The war with Iran has been very lucrative for American oil companies, which have earned more than $130 billion in profit as people pay much higher prices for gasoline, diesel, and other fuel. A gallon of gas was priced at $4.20 Friday, marking the third straight month that the average price has stayed above $4, according to motor club AAA.
What's still developing
- "maintained in discretionary accounts and invested through computer-based model portfolios that automatically replicate recognized indexes."
- "All investment decisions are made entirely by independent managers. There are no conflicts of interest."
- "And while oil prices are temporarily high and will be falling dramatically in a short period of time, as soon as that war's over, because there's so much oil," he told the crowd.
- "All in the Hormuz Strait, there are ships waiting to come, we're getting them out so fast. The United States oil and gas business is making hundreds of billions of dollars. … Our country is making hundreds of billions of dollars because of what's happened in the Middle East."
- "As Trump — the country's highest ranking public employee — continues to own and trade stocks in companies that stand to benefit from his decisions, his actions raise major concerns about conflicts of interest."
- “Strong majorities disapprove of Trump’s handling of everyday costs, and Democrats are viewed more favorably than their Republican counterparts - a lead since the beginning of the Iran war,” the survey said.
- Oil shipping through the Strait of Hormuz on Iran’s southern coast- which provides 20 percent of the world’s oil supply - came to a near standstill, causing the world’s oil supply to shrink.
- There have been more days with average gas prices above $4 in 2026 than any other year on record, Patrick De Haan, head petroleum analyst at price-tracking site GasBuddy, posted on X earlier this month.
- He also sold between $2 million and $5.4 million in oil and gas stocks in the same timeframe, the minority found.