Rep. Jim McGovern (D-Mass.), the ranking member of the House Rules Committee, said in a post on X that President Donald Trump “has made over $35 MILLION off trading oil & gas stocks” while gasoline prices rise. The Joint Economic Committee Democrats’ update he attached describes the $35.8 million as growth in wealth from both stock appreciation and purchases.
McGovern’s full post read:
“Your pain is his paycheck. While soaring gas prices drain family budgets, Trump has made over $35 MILLION off trading oil & gas stocks. He profits. You pay.
This corrupt cabal of crooks has got to go.”
He attached reporting on Joint Economic Committee Democrats’ update, titled “Update: Trump Has Raked in Millions From His Oil and Gas Stocks While Americans Paid More at The Pump.” The minority said the president’s oil and gas stock wealth grew by as much as $35.8 million so far this year, bringing his net holdings in the sector to as much as $81.6 million.
The update attributes the growth to two sources: appreciation of oil and gas stocks he held at the end of 2025, which it said rose 43 percent, and net purchases and later gains on newly bought stocks. It found that over 94 percent of his 2026 oil and gas purchases came after the war began, totaling as much as $17.5 million from March through August.
The figures are estimates built from financial disclosures that report ranges rather than exact amounts. The minority said the real value may be higher because the president has not reported September or October transactions. The largest positions were Chevron, estimated at $5.3 million to $23.1 million, and ExxonMobil, at $4.7 million to $18.4 million.
On gas prices, the update estimates Americans have spent an additional $101 billion on gasoline since Feb. 28, or $856 per family on average. For Massachusetts it estimated $1.94 billion in added spending, or $791 per household. The estimate uses AAA price data through Oct. 14 and federal consumption data.
The White House has rejected the conflict-of-interest framing. Spokesman Davis Ingle told CBS News the president’s holdings are “independently managed by third-party financial institutions” in model portfolios that track indexes, and that he has no ability to direct investments. Presidents are permitted to own stocks while in office, though insider trading laws still apply.
McGovern’s Record on the War
When the war began, McGovern questioned the administration’s rationale. He said Trump had called Iran’s nuclear program “obliterated” less than a year earlier, and he asked whether the president was “confused about why he’s starting this war.”
On March 24, McGovern told a reporter that Americans “can’t afford this war.” He said the administration had not clearly explained the mission, its cost or how it would end.
On April 7, after Trump warned that “a whole civilization will die tonight,” McGovern called the president “a madman.” He said in a separate post that the threat was illegal under federal and international law.
The next day at a Worcester rally, he said he had asked the Speaker to call Congress back into session. He said lawmakers “should vote to cut off all funds for this war.”
In a July 27 interview, McGovern said he joined the Democratic caucus and four Republicans in voting for a resolution calling on Trump to withdraw forces from hostilities with Iran. He compared the war to Iraq, saying “It’s just like Iraq,” and said Congress should be voting on whether to authorize it.
His position predates this war. In January 2020, as Rules Committee chairman, he managed the rule bringing a war powers resolution on Iran to the House floor. He said at the time that decisions on war were not meant to rest with one president, and that this was true for any president.
On June 23, the Senate voted 50-48 to adopt a House-passed resolution directing Trump to remove forces from hostilities with Iran, Reuters reported. It said this was the first time both chambers had passed such a measure, and likely symbolic.
On the war’s cost, Reuters reported July 21 that Hegseth told lawmakers it had reached $37.5 billion. The Joint Economic Committee update notes that experts have observed it is rare for presidents to hold and trade individual stocks while in office.