Could Trump Profit From the Iran Oil Windfalls He Criticized?
Gas prices have once again climbed above $4 per gallon, down from a recent peak of over $4.50 in May but up from under $3 when the war began on February 28.“And I should be the last one to say [that] because I’m a big free enterprise guy,” Trump said to reporters in the White House. Separately, in a series of posts to Truth Social, the president urged American oil companies to “Get your consumer (retail!) Oil Prices DOWN, NOW!"In June, he had ordered a Justice Department probe into U.S. oil companies over alleged price gouging. He also threatened “big problems” for gas station owners who failed to “get their Prices down, IMMEDIATELY!”The Justice Department has since urged states to participate in the probe, calling on them to use “all tools available” to investigate any misconduct that could be inflating retail gas prices.
- ▪Gas prices have once again climbed above $4 per gallon, down from a recent peak of over $4.50 in May but up from under $3 when the war began on February 28.“And I should be the last one to say [that] because I’m a big free enterprise guy,”
- ▪Separately, in a series of posts to Truth Social, the president urged American oil companies to “Get your consumer (retail!) Oil Prices DOWN, NOW!"In June, he had ordered a Justice Department probe into U.S. oil companies over alleged price
- ▪He also threatened “big problems” for gas station owners who failed to “get their Prices down, IMMEDIATELY!”The Justice Department has since urged states to participate in the probe, calling on them to use “all tools available” to investiga
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| Original publisher | Newsweek |
| Canonical URL | https://www.newsweek.com/could-trump-profit-from-the-iran-oil-windfalls-he-criticized-12322041 |
| Publication time | Fri, 14 Aug 2026 09:09:48 -0400 |
| Retrieval time | 2026-08-14T13:22:02.280Z |
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Opening excerpt (first ~120 words) tap to expand
By Hugh CameronReporter0ShareNewsweek is a Trust Project memberSee more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.President Donald Trump has railed against American oil companies for cashing in on soaring fuel costs since the launch of the Iran war in February, but the president has invested in the very firms he is now criticizing and may have benefited from their recent success.In late July, oil supermajors Chevron and ExxonMobil reported a sharp increase in earnings for the second quarter, amid the ongoing supply disruptions that have pushed up domestic fuel prices and presented another political headache for Republicans ahead of this year’s midterms.The blockbuster earnings helped to lift the share price for…
Excerpt limited to ~120 words for fair-use compliance. The full article is at Newsweek.
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