Gov. Gavin Newsom (D-CA) slammed President Donald Trump on Monday after reports emerged that the latter’s positions in various oil companies increased since last year as energy costs surge amid ongoing tensions with Iran.
Trump’s Positions Worth $81 Million
On Monday, CBS News cited an unreleased report by Democratic lawmakers on the Congressional Joint Economic Committee that said that the President’s holdings in oil companies, of which the largest positions comprised ExxonMobil Holdings Corp. (NYSE:XOM) and Chevron Corp. (NYSE:CVX), were worth between $22.5 million and $81.6 million.
The report also said that Trump’s positions increased by an average of 43% since the end of last year, while adding that Trump purchased oil and gas stocks ranging from $4.7 million to $17.5 million between March and the end of August this year.
He also sold oil and gas stocks worth $2 million to $5.4 million during the same period. Trump owns “$23.1 million in Chevron stock and up to $18.4 million in ExxonMobil,” the report said.
Notably, Sen. Elizabeth Warren (D-MA) had slammed Trump back in August this year, saying that the latter’s positions in oil companies had increased by over $15 million since the war in Iran kicked off.
The President Swore An Oath to Big Oil, Gavin Newsom Says
In a post on the social media platform X on Monday, Newsom quoted CBS News and shared his criticism of Trump. “His stocks have gone up 43%,” Newsom said.
Newsom’s official Press Office also took to X to criticize Trump over his investments in oil companies. “Before Donald Trump took office, he swore an oath… to Big Oil,” the press office said in its post.
“And now Americans are paying the price while HE gets richer!” the post said, sharing a screen capture of a Washington Post report from 2024 that alleged Trump asked oil executives to back his run for office by donating a billion dollars to his campaign.
The White House did not immediately respond to Benzinga’s request for comment.
Trump Says Oil Companies Making Hundreds of Billions
The news follows Trump outlining windfall profits made by oil companies as he addressed a crowd. Newsom criticized the comments, pointing to heightened gas and diesel prices at the pump. Trump’s comments were also slammed by former Transportation Secretary Pete Buttigieg.
According to the American Automobile Association (AAA) data, the national average price of gas was $4.2858/gallon on Monday, with diesel prices remaining above $6/gallon nationally at $6.3492.
Meanwhile, both XOM and CVX stocks have recorded more than 20% surges in value since the Iran war kicked off at the end of February 2026. At the time of writing this article, XOM was trading at $184.90 during overnight trading, while CVX traded at $232.
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