Democratic report says Trump's oil and gas holdings rose and he bought more during Iran war

Left · 2Democrats on the congressional Joint Economic Committee released a report on Monday 26 October saying President Trump's personal oil and gas holdings are worth between $22.5 million and $81.6 million, up from between $12.6 million and $46 million at the end of 2025. 1 2 Left · 2The committee's Democratic minority said the stocks Trump holds have gained an average of 43% in value since the end of 2025, based on LSEG Data Analytics figures. The Independent described the holdings as having nearly doubled. 1 2 Left · 2According to the report, Trump bought between $4.7 million and $17.5 million in oil and gas stocks between March, after the war began, and the end of August, the latest data available. He also sold between $2 million and $5.4 million over the same period. The Independent reported that more than 94 percent of the purchases came after the US and Israel attacked Iran in late February. 1 2

Left · 1The report is based on Trump's financial filings with the Office of Government Ethics, which require only transaction ranges, not exact amounts. The minority said purchases and total value could be higher, because Trump has not yet reported September or October transactions. 1 Left · 2ExxonMobil and Chevron make up most of the holdings. CBS News reported that Trump owns up to $23.1 million in Chevron and up to $18.4 million in ExxonMobil, whose shares rose nearly 25% and nearly 22% respectively since 20 February. The Independent said both companies' shares have climbed more than 20 percent since February. 1 2 Left · 2The report's authors tie the figures to fuel prices. Sen. Maggie Hassan of New Hampshire, the top Democrat on the committee, said Americans pay more at the pump while "Big Oil rakes in profits" and Trump's stock wealth balloons, and that his ownership and trading of stocks in companies that stand to benefit from his decisions raises "major concerns about conflicts of interest." The Democrats estimated families have spent an average of $856 more on gas since the war began, and the Independent reported a total of $101 billion. 1 2

Left · 2The White House, through spokesman Davis Ingle, said Trump's stock and bond portfolio is independently managed by third-party financial institutions in discretionary accounts and invested through computer-based model portfolios that replicate recognised indexes. Ingle said neither Trump nor his family can direct or influence investments and that "There are no conflicts of interest." He also said Trump's priority is lowering gas prices. 1 2 Left · 2At a rally in Georgia on Saturday, Trump said the US oil and gas business is "making hundreds of billions of dollars" because of events in the Middle East. CBS News reported he added that his advisers told him not to mention it, and the Independent quoted him saying "We’re making a freakin’ fortune." 1 2 Left · 2Fuel prices have risen sharply. CBS News said regular gasoline averaged $4.29 a gallon, up from $2.87 in early February, with diesel at $6.28 and Brent crude above $115 a barrel. The Independent, citing AAA, gave the same $4.29 figure, up from $2.98 two days before the conflict began. The war began on Feb. 28, according to CBS News, and has lasted seven months with no clear end, according to the Independent. 1 2

Left · 1CBS News also recalled an earlier review of Trump's trades. His accounts sold between $500,000 and $1 million of ExxonMobil stock on April 7, the day he declared a ceasefire, and the shares opened down more than 6% the next day. Presidents and members of Congress may own and trade stocks in office, though insider trading laws still apply. 1 Left · 2The report comes a week before the midterm elections, with cost of living a top voter issue. The Independent noted polls predicting heavy Republican losses, and CBS News noted that energy stock trades are a small part of Trump's net worth, which Forbes estimated at about $7 billion in September. 2 1