Trump Gains $15.5 Million From Oil & Gas Stocks Amid His War in Iran, Meanwhile New Mexicans Pay $526 Million More for Gas

WASHINGTON - U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the U.S. Senate Energy and Natural Resources Committee and a member and former Chairman of the U.S. Congress Joint Economic Committee, highlighted a new analysis finding that New Mexicans have spent an additional $526.2 million on gas since the start of President Trump's Iran War - an average of $666 per New Mexico household.

Meanwhile, according to the Joint Economic Committee's analysis, President Trump's portfolio of $45.6 million in oil and gas stocks has gone up since the end of 2025 by up to $61.1 million. That's due to the sky-high oil and gas profits and stock prices tied to Trump's war in Iran. And in just the first three months of 2026 - a period that covers both the U.S. operation in Venezuela and the start of the Iran War - the Committee found that Trump bought as much as $3.6 million in additional oil and gas stocks.

"President Trump continues to put his personal financial interests and the interests of his ultrawealthy friends ahead of New Mexico families - folks who are already struggling with higher costs created by the President's tariffs and reckless, illegal war in Iran," said Heinrich. "New Mexicans shouldn't have to pay more at the pump while Donald Trump and oil and gas executives rake in record returns."

Heinrich continued, "When a President uses the power of his office to benefit himself and his wealthy friends while working families are left to foot the bill, that's corruption - plain and simple. We need energy policies that actually lower costs for families, not actions that pad the pockets of the President and his friends and family."

As detailed in the new Joint Economic Committee report, throughout his campaign and early in his term, Trump received millions in donations from oil company executives, and his administration began to enact favorable rules and regulations for the industry - including billions in tax giveaways. These companies have seen massive profits since the President launched his war with Iran. Recent estimates show that oil companies reported more than $125 billion in profits so far this year, including $12 billion for Chevron in the second quarter - its highest quarterly profits in six years - and a sky-high $14.7 billion for Exxon Mobil in that same period.

Heinrich has been working to hold President Trump and his administration accountable for putting the President's personal projects and financial interests ahead of New Mexico families.

In August, Heinrich demanded accountability from the Department of the Interior (DOI) following reports that agency officials destroyed official records and used disappearing-message applications to avoid preserving government communications. He also called for a full Government Accountability Office (GAO) audit of President Trump's ballroom project and demanded a GAO investigation into potential conflicts of interest and preferential treatment in the Trump administration's use of taxpayer dollars to invest in private mining companies. Heinrich also joined a letter calling for an investigation into what DOI officials knew about engineering failures at the Lincoln Memorial Reflecting Pool and whether Department employees withheld evidence from federal prosecutors.

In June, Heinrich led a letter demanding answers from DOI Secretary Doug Burgum regarding the Department's rushed rehabilitation project of the Lincoln Memorial Reflecting Pool. He also sent a letter with U.S. Senator Ben Ray Luján (D-N.M.) pressing Burgum for answers about the Trump administration redirecting tens of millions of dollars from fees paid to the National Park Service - including fees collected at New Mexico sites such as Carlsbad Caverns National Park and Bandelier National Monument - to fund President Trump's vanity projects in Washington, D.C.

In May, Heinrich successfully blocked Senate Republicans from funding Trump's ballroom project with $1 billion in taxpayer dollars through their budget bill.

Read the Joint Economic Committee's full report with state-by-state data here.

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