Trump, Big Oil Profit as Americans Face Higher Gas Prices

Article Summary –

Gas prices in the U.S. have increased significantly, from $2.94 to $4.10 per gallon, following military actions in Iran initiated by President Trump, resulting in Americans spending an additional $71.5 billion on gasoline. A report from Congress’ Joint Economic Committee indicates that Big Oil companies have profited substantially, with over $125 billion in profits since 2026, while Trump, who holds significant stocks in these companies, has also benefited financially, gaining between $4.6 million and $15.5 million in 2026. Despite Trump’s campaign promises to prioritize national security over personal profit and avoid conflicts of interest, critics argue that his ongoing stock trading and financial gains from the oil and gas sector amid rising consumer costs raise ethical concerns.

Following President Donald Trump’s military actions in Iran in late February, U.S. gas prices surged from $2.94 to $4.10 per gallon by Aug. 26, AAA reports. This increase has strained consumers while boosting profits for oil companies and stockholders, including Trump.

A report by Congress’ Joint Economic Committee minority staff revealed Americans have spent $71.5 billion more on gas since the Iran conflict began, with families paying an extra $604 on fuel.

Big Oil profits have soared, with companies reporting over $125 billion since early 2026, the report states. Despite pledging not to prioritize personal gain over national security, Trump has continued trading stocks while in office, contrary to past presidents’ practices. Richard Painter, former ethics adviser, remarked this behavior is a breach of trust.

The White House stated, “Neither President Trump, his family, nor the Trump Organization plays any role in selecting, directing, or approving specific investments.” In 2025, Trump held $12.5 million to $45.6 million in oil stocks, which have grown 39% in value, increasing his wealth by $4.6 million to $15.5 million.

Sen. Maggie Hassan criticized, “President Trump profits from an illegal war he initiated, while Americans bear the costs.” She highlighted Trump’s campaign promises of Big Oil giveaways and relief for families, yet noted his failure to deliver both.

Trump must publicly disclose his financial holdings annually, though exact stock values aren’t required. The White House did not respond to requests for comment.