Gas now costs $4.29 a gallon, and the oil giants selling it just posted sharply higher profits. The Trump oil portfolio has gained too. Democrats on the Joint Economic Committee say the oil and gas stocks he held at the end of 2025 are up 43%, and his total holdings in the sector may be worth as much as $81.6 million. Regular gasoline sat at $2.87 in early February, before the Iran war began. The White House says outside managers make every trade and the president has no say. The report came out on October 26, just over a week before Election Day. It puts one question in front of voters: who gains when pump prices rise?
Key Points
- The committee’s Democratic minority says Trump’s oil and gas stock wealth grew by as much as $35.8 million this year, to as much as $81.6 million.
- The stocks he held at the end of 2025 gained an average of 43%, according to the report.
- The report says 94% of his 2026 oil and gas purchases came after the Iran war began.
- The White House says third-party managers run the accounts and Trump cannot direct trades.
- The committee estimates Americans have paid an extra $101 billion for gasoline since the war started.
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What the Trump Oil Portfolio Report Found
The Joint Economic Committee’s Democratic minority released an update on October 26 to a report it first published in August. It says Trump’s oil and gas stock wealth grew by as much as $35.8 million this year. That puts his total in the sector at as much as $81.6 million as of October 19, according to the committee’s release.
His 2025 financial disclosure listed between $12.6 million and $45.8 million in oil and gas stocks. The committee says the new total nearly doubles that wealth.
The August version of the report found a smaller gain. It said those stocks rose an average of 39% from January 2 through August 17. The jump to 43% came as oil prices stayed high through the fall.
CBS News obtained the new report first. WION reported the CBS findings, which put his current holdings between $22.5 million and $81.6 million.
Two cautions apply. Federal disclosure forms list assets in value ranges, so every figure is an estimate. The report also comes from the committee’s Democratic minority, not the full panel.
The sharpest claim in the report is about timing. It says Trump’s accounts did most of their buying after the first bombs fell.
How Trump’s Oil Stock Purchases Lined Up With the Iran War
The war began at the end of February. The committee says more than 94% of Trump’s 2026 oil and gas stock purchases happened after that date. From March through August, his accounts bought between $4.7 million and $17.5 million of these stocks. They also sold between $2 million and $5.4 million.
Chevron and Exxon Mobil are the biggest holdings in the committee’s table. It puts the Chevron stake between $5.3 million and $23.1 million, up from a 2025 range of $2.6 million to $11.4 million. Exxon falls between $4.7 million and $18.4 million.
The list does not stop there. It includes Occidental Petroleum, Kinder Morgan, ConocoPhillips, Valero, Phillips 66 and Marathon Petroleum.
The committee says the gain comes from two sources. Prices rose on stocks he already owned, and the stocks he bought this year also gained value.
The public record has a gap. Filings stop at August, and Trump has not yet reported trades for September or October. The committee says the true value may be higher. It also points to a history of late filings by Trump.
One trade has drawn more attention than any other. It happened on the day the war’s biggest pause began.
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The April 7 Exxon Sale and Why It Matters
A CBS News review of Trump’s filings flagged a large transaction on April 7. That was the day he announced a ceasefire with Iran.
Disclosures show his accounts sold between $500,000 and $1 million of Exxon stock that day. Exxon closed at $163.91 before Trump announced the ceasefire that evening. It opened at $153.52 the next morning, a drop of more than 6%, WION reported.
The filings do not show who chose the timing. The White House says it was not Trump. That leaves the open question for critics, who say a president should not hold individual stocks that move on his own announcements.
The White House has answered that charge directly.
White House Response on the Trump Oil Portfolio
Spokesman Davis Ingle says third-party financial institutions manage the president’s portfolio. He says the accounts are discretionary and use computer-based model portfolios that copy major market indexes.
Ingle says neither Trump nor any family member can direct how the money is invested or when trades happen. He told reporters that the president “only acts in the best interests of the American public,” according to TheGrio.
Trump gave a different picture in July. He told CNBC that his son Eric helps manage his finances, WION reported. The White House has not explained how that fits with its statement on the accounts.
The law does not bar presidents from owning individual stocks. Trump has not placed his assets in a blind trust, CBS News reported. George W. Bush used one, Barack Obama held index and mutual funds, and Joe Biden owned no individual stocks.
Oil and gas are also a small share of Trump’s wealth. Forbes put his net worth near $7 billion in September.
Ethics groups want a cleaner break. Donald Sherman of Citizens for Responsibility and Ethics in Washington told CBS that Trump should not profit from global instability.
While that argument plays out in Washington, the bill arrives at your local gas station.
Pain at the Pump: What Drivers Are Paying
Before the war, regular gasoline averaged $2.87 a gallon and diesel averaged $3.68, according to CBS News. Regular now averages $4.29 and diesel has reached $6.28. Brent crude trades above $115 a barrel, compared with less than $75 the day before the war began.
The committee’s Democrats say the extra cost adds up fast. They estimate Americans spent an additional $101 billion on gasoline from February 28 through mid-October. That works out to an average of $856 per family.
The cost differs by state. The committee’s table runs from $580 per household in Washington state to $1,454 in Wyoming. Utah sits at $1,240 and Alabama at $1,232. Texas drivers added more than $10 billion in total spending.
Diesel affects groceries and shipping as well. The committee said in an October 22 release that farmers are on track to spend $2.4 billion more on diesel this year.
Energy stocks have climbed at the same time. CBS reported that energy shares in the S&P 500 are up more than 50% this year. The broader index has gained about 11%.
Those gains show up clearly in the latest company earnings.
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Big Oil Profits Jump in the Third Quarter
The top U.S. oil companies reported third-quarter results on Friday, October 30. Exxon Mobil posted $15.4 billion in profit, roughly double last year’s level, according to People’s World. The outlet said Chevron’s profit nearly tripled.
The same report said seven of the largest oil and gas companies earned almost $63 billion last quarter. That is about $38 billion more than a year earlier.
Refining drove much of the gain. The outlet cited Reuters in reporting that Exxon now earns more from refining than from drilling. That has not happened in at least six years.
The earlier numbers were also large. The committee’s August report said Big Oil companies earned $125.2 billion across the first and second quarters of 2026.
Higher earnings bring political heat. Trump has already spoken about them several times.
What Trump Has Said About Oil Profits
Trump has criticized the industry in public. In August, he told reporters in the Oval Office that Exxon and Chevron are “making too much money.” He also said he did not like it, according to WION.
In June, he accused oil companies of keeping pump prices high after crude prices fell. He said customers were being “gouged,” Fortune reported.
His tone shifted at an event in Georgia on Saturday, October 24. He said oil prices are temporarily high and will fall sharply once the war ends. He also said the oil and gas business is making hundreds of billions of dollars. He added that his advisers had told him not to talk about it, WION reported.
Some Democrats want a tax on those profits. Representative Ro Khanna reintroduced a Big Oil Windfall Profits Tax Act in March, according to Troy Media. No vote on the bill has been reported.
The next few weeks could settle whether any of this changes.
What Comes Next for the Trump Oil Portfolio and Gas Prices
Election Day is Tuesday, November 3. Early voting has passed 47.9 million ballots, WION reported. Gas prices sit near the top of many voters’ worries.
The next financial disclosures will show what Trump’s accounts did in September and October. Those filings will test the committee’s estimate. They will also show whether the accounts bought or sold while prices kept rising.
The pump price depends on how long the war and the supply disruption last. Trump says prices will drop once the fighting ends. He has not given a date.
Until then, every fill-up carries a share of the cost the committee describes.
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FAQ
How much is the Trump oil portfolio worth?
The committee’s Democratic minority estimates his oil and gas stocks at between $22.5 million and $81.6 million as of October 19. Federal forms list value ranges, so the real figure could differ. Trades from September and October are not yet public.
Why is the Trump oil portfolio up 43%?
The committee says oil and gas stock prices rose sharply after the Iran war began. The 43% figure covers the stocks he held at the end of 2025. Stocks he bought this year also gained, which lifted the total higher.
Does Trump control his stock trades?
The White House says no. It says third-party institutions run his accounts through model portfolios that copy market indexes. It says Trump and his family cannot direct or influence the trades.
Is it legal for a president to own oil stocks?
Federal law does not bar presidents from owning individual stocks, according to CBS News. Many past presidents used blind trusts or held index funds. Trump has not placed his assets in a blind trust.
How much have gas prices risen since the Iran war began?
Regular gasoline averaged $2.87 a gallon in early February and now averages $4.29, CBS reported. Diesel rose from $3.68 to $6.28. The committee estimates families have spent $856 more on gas on average.
How much did Big Oil earn in the third quarter?
Exxon reported $15.4 billion, about double last year, according to People’s World. The outlet said seven of the largest oil and gas firms earned almost $63 billion combined. That is about $38 billion more than a year earlier.
