Article Summary –
The article discusses the economic impact of President Donald Trump’s military actions in Iran, which have led to a significant increase in U.S. gasoline prices from $2.94 to $4.10 per gallon, resulting in Americans spending an additional $71.5 billion on gasoline and an average of $604 more per family. This has translated into significant profits for Big Oil companies, with $125 billion in profits since 2026, and Trump, who held $12.5 million to $45.6 million in oil and gas stocks in 2025, has benefitted with those holdings increasing in value by 39%, giving him an estimated gain of $4.6 million to $15.5 million. Critics, including Sen. Maggie Hassan, accuse Trump of prioritizing personal and special interests over national interests, as he continues to engage in stock trading while in office, a practice seen as a breach of trust by ethics advisers.
Since President Donald Trump’s military action in Iran began in late February, the average cost of gas in the U.S. has risen from $2.94 to $4.10 per gallon as of Aug. 26, reports AAA. This increase has burdened consumers while boosting profits for oil companies and stockholders, including Trump.
A report from Congress’ Joint Economic Committee, released on Aug. 24, noted that Americans have spent $71.5 billion more on gasoline since the Iran conflict began, with families paying an extra $604 on average during this period.
The report indicates that Big Oil companies have seen profits exceeding $125 billion since early 2026. Trump, during his 2016 campaign, pledged not to prioritize personal profit over national security, stating, “I will never, ever put the special interests before the national interests.”
Unlike past presidents, Trump hasn’t shied away from trading stocks while in office. Ethics expert Richard Painter remarked to the Associated Press that this is a “fundamental breach of trust,” despite being technically permissible.
A White House spokesperson clarified, “Neither President Trump, his family, nor the Trump Organization plays any role in selecting, directing, or approving specific investments.”
The Joint Economic Committee report revealed Trump’s 2025 stakes in oil and gas companies were between $12.5 million and $45.6 million. By 2026, as stock values rose by about 39%, these holdings could be valued between $17.2 million and $61.1 million, earning Trump a potential $4.6 million to $15.5 million windfall.
New Hampshire Sen. Maggie Hassan, from the Joint Economic Committee, criticized Trump, stating he “continues to get richer from an illegal war that he started,” while Americans suffer higher gas costs. She emphasized that Trump prioritizes financial interests over relief for working families, despite campaign promises.
Trump must annually disclose his financial holdings, though exact values are not specified, only ranges. The White House has not yet commented on this story.
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