President Donald Trump’s oil and gas holdings were estimated at between $22.5 million and $81.6 million in an October 26 analysis released by Democrats on Congress’s Joint Economic Committee. The estimate combines stock-price changes with investment transactions, rather than measuring an exact amount of cash profit from the Iran war.
The report uses October 19 market prices and disclosed transactions through August. Its underlying table compares the estimate with holdings valued between approximately $12.6 million and $45.8 million at the end of 2025.
Sen. Maggie Hassan of New Hampshire, the committee’s ranking Democrat, said the investments raise conflict-of-interest concerns because presidential decisions can affect companies in which Trump holds stock. That is the minority’s criticism, rather than a finding endorsed by the full bipartisan committee.
What the oil and gas holdings estimate includes
The committee minority’s four-page report draws on financial disclosures and LSEG market data. It includes companies such as Exxon Mobil, Chevron, Occidental Petroleum, Kinder Morgan and ConocoPhillips.
The oil and gas holdings are one portion of Trump’s finances. The report does not purport to value his entire business empire or all securities in other industries.
The analysis says the oil and gas stocks Trump held at the end of 2025 increased in value by 43%. That figure should not be confused with the change in his entire sector portfolio, which also reflects purchases, sales and subsequent price changes.
The minority also reported that more than 94% of his 2026 purchases in the sector occurred after the February 28 start of the war. It put purchases between March and August at as much as $17.5 million.
Why the figures are ranges rather than exact profits
Financial disclosures use value categories rather than publishing an exact market value for every asset. Office of Government Ethics guidance separately identifies asset values and investment income, including dividends and capital gains.
Those distinctions matter when describing a portfolio. Buying additional shares can increase the amount held in a sector without producing an investment gain. Similarly, a higher estimated value for shares still owned is different from money received by selling them.
The report’s estimates are therefore evidence of a disclosed financial interest and its estimated scale. They do not provide a complete accounting of realized profits, taxes, fees or every transaction after August.
This article verified the published table and its stated method. It did not independently reconstruct every underlying disclosure or reproduce the proprietary market-data calculations. The figures should remain attributed to the Democratic analysis.
Trump highlighted industry gains as consumers faced higher costs
At an October 24 rally in Perry, Georgia, Trump emphasized the money American oil and gas producers were making. “We’re making a freaking fortune,” he said, according to Associated Press reporting.
AP reported that regular gasoline averaged $4.29 per gallon nationally on October 26, compared with $2.98 before the war. That consumer-price comparison is separate from the committee’s estimate of Trump’s personal investments.
The White House disputes the conflict criticism
The White House says independent managers control Trump’s investments and that he and his family cannot direct trades, CBS News reported.
That explanation has been offered before. In May, the Trump Organization told Reuters that third-party financial institutions exclusively controlled investment decisions through discretionary accounts and automated processes. That earlier statement supplies background; it was not a response to the October report.
Hourly Times’ coverage of proposed stock-trading restrictions and presidential exclusions provides related context. The scope of a proposed restriction is a separate question from whether a particular transaction was directed by the president.
The oil and gas holdings estimate does not establish who selected each trade or why a particular foreign-policy decision was made. The report identifies a financial-interest concern that the administration disputes.
Its valuation remains an October 19 estimate based on the available disclosures. Transactions after August are outside the calculation’s disclosed trading record, so later filings would be needed to establish a more current portfolio.
