Article Summary –
Gas prices in the United States increased from $2.94 to $4.10 per gallon after President Trump’s military actions in Iran, with Americans spending $71.5 billion more on gasoline and families paying an extra $604 on average. While oil and gas companies reported over $125 billion in profits, Trump’s personal investments in the industry, estimated between $12.5 million and $45.6 million, increased in value by 39%, yielding significant financial gains. Critics, including Sen. Maggie Hassan, argue that Trump prioritizes personal and oil industry profits over national interests, despite his campaign promises, and accuse him of not resolving the conflict to the detriment of American consumers.
Since President Donald Trump initiated military strikes in Iran in late February, the average price of a gallon of gas in the U.S. has surged from about $2.94 to $4.10 as of Aug. 26, per AAA. This increase has led to higher consumer expenses but also significant profits for oil and gas companies, as well as stockholders like Trump.
According to a report released on Aug. 24 by Congress’ Joint Economic Committee minority staff, Americans have spent around $71.5 billion more on gasoline since the Iran conflict began. Families averaged an extra $604 for fuel in this period.
The report indicated that much of this money boosted Big Oil companies’ profits, with more than $125 billion reported since 2026.
In his 2016 presidential campaign, Trump promised voters, “I will never put personal profit before national security… or special interests before national interests.”
While past presidents typically avoided stock trading, Trump continued during his presidency. Richard Painter, former ethics adviser to George W. Bush, remarked to the Associated Press in May, “Technically he can do this, but it is a fundamental breach of trust.”
A White House spokesperson stated to the AP, “Neither President Trump, his family, nor the Trump Organization plays any role in selecting, directing, or approving specific investments.”
The Joint Economic Committee minority staff report shows Trump owned between $12.5 million and $45.6 million in oil and gas stocks in 2025, now worth about $17.2 million to $61.1 million, netting him between $4.6 million and $15.5 million.
“President Trump continues to get richer from an illegal war he initiated and refuses to resolve, while Americans bear the cost,” said Sen. Maggie Hassan in a statement. “Trump’s actions show he prioritizes his financial interests over Americans facing higher gas costs under this administration.”
Trump must publicly disclose his financial holdings annually, although forms only list stock names and value ranges.
The White House did not immediately comment on this story.
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