President Donald Trump’s deeply unpopular war on Iran has helped inject millions of dollars into his personal wealth while saddling everyday Americans with a $72 billion bill, a new report reveals.
Amid the war, oil and gas companies’ stocks have skyrocketed in value as companies report staggering earnings; ExxonMobil recently reported its profits doubling year-over-year, while Chevron’s net income has increased nearly 400 percent as a result of the disruptions to the global oil market. In all, oil and gas companies reported $125 billion in profits in the first half of 2026, with a corresponding jump in stock value across the fossil fuel industry.
As a result of that rise, Trump may have profited as much as $15.5 million, and netted at least $4.6 million, from his oil and gas holdings this year, Democrats on Congress’s Joint Economic Committee (JEC) found in a report this week. In all, his oil and gas holdings went from a maximum value of $45.5 million to as much as $61 million.
The analysis was based on stocks that Trump held at the end of 2025, including Exxon, Chevron, and seven other oil and gas companies. His profits may be even higher than the report suggests, as Trump bought additional oil and gas stocks in the first three months of 2026 worth up to $3.6 million. These were bought in a period when the U.S. seized control of Venezuela’s oil profits and launched a war on Iran that has sent oil prices sky-high.
Meanwhile, the rise in energy prices has cost Americans an additional $71.5 billion in gas prices at the pump, the Democrats found, or an average of over $600 a household. That’s before taking into account the hike in prices for things like groceries and other associated costs like increased mortgage rates caused by the war.
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