A striking paradox is currently unfolding in the United States, where ordinary citizens are grappling with skyrocketing fuel prices at the pump while major global oil companies rake in record profits. S. Congress has ignited intense political debate. According to the report published by CBS News, the value of investments held by President Donald Trump in oil and gas companies has seen a massive surge during the Iran conflict. Coming right before the midterm elections scheduled for November 3, this report could present a fresh challenge for the Trump administration.
Massive Surge in Trump Oil Portfolio
6 million and 46 million dollars at the end of the year 2025.6 million dollars. According to LSEG data analytics, the shares he held at the end of last year have experienced an average increase of 43 percent in value. 5 million dollars were purchased from Trump's accounts between March and August. More than 94 percent of his total oil share purchases this year were made after the war began. 4 million dollars. 4 million dollars. Since February 20, shares of both companies have risen by approximately 25 and 22 percent respectively. These figures are current as of October 19, and the amounts could increase further once the full transaction records for September and October are made public.
White House Defends Stock Sales on Ceasefire Day
The report also highlights a specific transaction that took place on April 7. On the evening of this exact day, President Trump announced a ceasefire in the Iran war. Financial disclosures filed at the end of June reveal that ExxonMobil shares worth between 500000 and 1 million dollars were sold from Trump's accounts on this very day. 91 dollars that day. 52 dollars the next day. However, the CBS report doesn't claim that Trump personally ordered these stock sales or that he had advance knowledge of market movements. In August, Trump himself criticized ExxonMobil and Chevron from the Oval Office, stating that these companies were taking advantage of oil shortages to make excessive profits. The White House has defended the President against these allegations. Spokesperson Davis Ingle explicitly stated that neither Trump nor any member of his family decides when to buy or sell any specific stock, while their portfolio is independently managed by external financial institutions through computer models, leaving no room for any conflict of interest. Nevertheless, the report notes that in an interview with CNBC in July 2026, Trump mentioned that his son Eric Trump also oversees his financial matters. S. law, the President, Vice President, and members of Congress are permitted to hold or sell stocks while in office, provided there is no violation of insider trading regulations. According to Forbes, Trump's net worth was approximately 7 billion dollars in September, with oil stocks making up a relatively small portion of his overall wealth.
Major Oil Companies Post Massive Profits
Global fuel supplies have been severely disrupted due to the Iran war and ongoing tensions with Russia. 3 billion dollars in the third quarter, marking one of the largest quarterly earnings on record. Reuters reports that for the first time in at least six years, ExxonMobil earned more money from refining crude oil than from extracting it. Chevron's refining earnings have also reached a six-year high, while 08 dollars. 46 billion dollars. Shell also increased its share buyback program from 3 billion to 5 billion dollars. S. S. refineries operated at 95 percent capacity during the third quarter. Refining profits for gasoline more than doubled compared to the previous year, while margins on diesel and jet fuel nearly tripled, while s. refiners with a direct advantage to boost exports.
Public Struggles with Expensive Fuel Ahead of Elections
Amidst these stellar corporate profits, ordinary American families are feeling the pinch. 29 dollars. 523 dollars on September 22. Since the war began, each American family has had to spend an average of 856 dollars more on gasoline, imposing an additional burden of 101 billion dollars across the country. 471 dollars recorded during Joe Biden's tenure. 078 dollars. 6 million barrels per day during the week of October 18, meaning prices will drop rapidly as the conflict subsides. On the other hand, GasBuddy energy analyst Patrick De Haan believes that while people aren't spending a record share of their income on oil relative to inflation, expensive diesel is driving up inflation by increasing the cost of agriculture and freight transport. S. Congress, where these elevated prices at the fuel pump could directly influence voter sentiment.