On Friday, 30 October 2026, ExxonMobil reported third-quarter profit of 15.4 billion dollars, slightly more than doubled from a year ago. Chevron’s adjusted earnings rose 186 percent to 10.4 billion dollars. Shell on Thursday reported 12 billion dollars, up 127 percent. Analysts forecast Exxon and Chevron could post record full-year profits.
United States drivers paid the highest third-quarter gasoline prices on record: AAA national average 4.12 dollars a gallon in the third quarter, up 96 cents year-on-year. Moody’s Analytics said United States households have paid 1,184 dollars more on average since the war began, on gasoline, diesel and jet fuel. Farmers face diesel costs at harvest, and some homeowners face record heating-oil costs.
Last week Trump said high oil profits were good for Americans: “Our country is making hundreds of billions of dollars because of what’s happened in the Middle East… We’re making a freaking fortune,” at a Georgia campaign event on Saturday.
Democrats on Congress’ Joint Economic Committee, using Trump’s financial disclosures, found his oil-company ownership grew by as much as 35.8 million dollars in the first half of 2026, to as much as 81.6 million dollars in net oil and gas holdings, and that 94 percent of his 2026 oil and gas purchases occurred after the war started. Exxon and Chevron shares rose 52 percent so far in 2026 through Thursday close.
Why the story travels is record pain at the pump versus record profit in the same headline, four days before the midterms, plus a president who is himself an oil shareholder saying “we’re making a freaking fortune.” It turns the Iran war into a kitchen-table United States scandal story.
What is confirmed is all earnings, gas-price, household-cost and share-price figures above, as reported by CNN citing AAA, Moody’s and company reports, the Joint Economic Committee Democratic finding and its basis in Trump’s disclosures, and Trump’s quote and the White House defence.
What is not confirmed, and is contested, is that Trump personally profited improperly or directed the trades. The White House denies that: “Neither President Trump nor any member of his family has any ability to direct, influence, or provide input regarding how the portfolio is invested… All investment decisions are made entirely by independent managers. There are no conflicts of interest.” CNN reports the Democratic finding, not a finding of wrongdoing. That the war caused all of the profit jump is also a link, not a sole-cause proof; earnings also reflect refining margins and other factors.
This is Trump’s personal disclosed oil holdings, not the previously covered United States government 30 billion dollar stock portfolio.
Sources: CNN, 30 Oct 2026; Reuters, 30 Oct 2026.