Democratic staff of the U.S. Joint Economic Committee estimated President Donald Trump's oil and gas stock holdings at up to $81.6 million, as wartime fuel costs brought his investments under scrutiny.
The committee put the value of the stocks at $22.5 million to $81.6 million as of Oct. 19, compared with $12.6 million to $45.8 million at the end of 2025. The difference between the upper estimates reflects both changes in share prices and transactions. It does not measure realized profit.
Trump's accounts bought up to $17.5 million in oil and gas stocks from March through August, the committee said. More than 94% of their purchases in the sector this year occurred after fighting began Feb. 28. Financial disclosures give transaction values in ranges, so the exact purchase amount is unknown.
Stocks held at the end of 2025 rose 43% in value through Oct. 19, according to the committee's calculation. That period began before the war, and the figure does not isolate gains after Feb. 28. The committee estimated the largest positions were Chevron, valued at up to $23.1 million, and Exxon Mobil, at up to $18.4 million.
Committee Democrats estimated that U.S. families spent an additional $101.4 billion on gasoline from Feb. 28 through data available Oct. 14, an average of $856 per family. Their calculation used American Automobile Association (AAA) prices and federal fuel data.
The U.S. Energy Information Administration (EIA) estimated that Strait of Hormuz disruptions caused Middle Eastern crude oil production shut-ins averaging 4.8 million barrels per day in September. It said higher crude prices and crack spreads drove U.S. gasoline and diesel prices higher that month.
In a later price snapshot, AAA put the national average for regular gasoline at $4.2858 per gallon on Oct. 26, compared with $2.983 on Feb. 26. The Oct. 26 price was not part of the committee's spending calculation, which used data available through Oct. 14.
Sen. Maggie Hassan, the committee's ranking Democrat, said Trump's actions “raise major concerns about conflicts of interest.” In an earlier statement reported by The Associated Press during coverage of a separate pharmaceutical holdings report, White House spokesperson Davis Ingle said Trump and his family could not direct or influence the portfolio.
The committee did not include September or October trades in its transaction data. Under U.S. Office of Government Ethics (OGE) guidance, covered filers generally must report reportable transactions within 30 days of learning of them and no later than 45 days after they occur.
