Trump's Oil Holdings Could Top $81 Million, New Report Says — Gavin Newsom Says President Swore ‘Oath’ to Big Oil

Key takeaways

• Trump’s oil holdings jumped 43% to roughly $81 million amid rising fuel costs and political backlash.
• Trump’s oil holdings up to $81.6 million
• 43% increase in holdings since end of 2025
• $23.1 million in Chevron

What happened

President Donald Trump’s oil‑stock holdings have risen sharply, with a recent report estimating them at up to $81.6 million, up 43% from the end of last year. The largest positions are in ExxonMobil Holdings Corp. (XOM) and Chevron Corp. (CVX), where he owns about $23.1 million in Chevron and up to $18.4 million in ExxonMobil. Between March and August 2026 he bought oil and gas shares worth $4.7 million to $17.5 million and sold $2 million to $5.4 million in the same period.

Why it matters

The jump in Trump’s oil stakes comes as energy prices climb amid tensions with Iran, raising questions about potential conflicts of interest. The report fuels political criticism from Gov. Gavin Newsom and others, who argue that Trump’s wealth is growing while Americans face higher fuel costs. It also highlights the…

Short-term and longer-term

Short-term. Over the next few days, XOM and CVX could see volatility as traders react to the political narrative and the 20%+ price surge since the Iran war.

Longer-term. Over the coming months, the increased political scrutiny could influence long‑term valuation multiples for XOM and CVX, especially if regulatory actions or policy shifts arise.