When Trump says “We’re making a freakin’ fortune”, the question that needs asking is.. Who is We?
I’m going to pick up from where the previous post ended
Trump states he doesn’t care about high oil prices.. He’s stated as much. In my next post, you’ll get some insight into why this is.
Insight below;
France24
US oil giants reported Friday another quarter of soaring profits reflecting higher oil prices and refining margins due to the US-Iran war.
ExxonMobil’s profits in the period came in at $15.4 billion, slightly more than double the $7.5 billion in the year-ago period, while Chevron’s profits were $9.9 billion, compared with $3.5 billion in the year-ago quarter.
The surge in US petroleum earnings comes on the heels of similar increases at European companies as the US-Iran war drags on. (Royal Dutch Shell and BP to name a couple of European companies) The impacts have been most dramatic in refining, where the profit margins for processing crude oil into gasoline, diesel and other petroleum products have exploded in recent months.
Steep price increases and supply shortfalls in some cases have sparked protests in parts of Asia, Latin America and Europe. In the United States, President Donald Trump’s Republican party faces a stern test in next week’s midterm elections, with high gasoline and diesel prices souring the mood of consumers.
At ExxonMobil, oil prices averaged around $85 per barrel during the period, about a third more than in the 2025 quarter.
Refining margins were $50.3 per barrel, almost three times the level in the year-ago period as the company cited efforts to boost output of diesel and other key products that have seen supplies tighten.
Unquestionably Big Oil companies are raking it in!
But, Donald Trump is also profiting handsomely from a war he initiated alongside Bibi Netanyahu– This is not to say other politicians aren’t making money also. This is to say that it was Trump that initiated this war knowing full well he held oil stocks in his portfolio and plenty of them.
As President Trump boasts about how much money the U.S. oil and gas industry is making from the war with Iran, the president’s personal holdings in oil and gas are now worth between $22.5 million and $81.6 million, compared with $12.6 million to $46 million at the end of 2025.
The stocks the president holds have increased in value by an average of 43% since the end of 2025.
The report also found the president purchased between $4.7 million and $17.5 million in oil and gas stocks between March, after the war began, and the end of August, which is the most recently available data. He also sold between $2 million and $5.4 million in oil and gas stocks in the same time frame, the minority found.
But as Americans are paying significantly higher gas prices due to downstream effects from the war, Mr. Trump on Saturday night in Georgia bragged that U.S. oil and gas companies are “making hundreds of billions of dollars.”
“And while oil prices are temporarily high and will be falling dramatically in a short period of time, as soon as that war’s over, because there’s so much oil,” he told the crowd. “All in the Hormuz Strait, there are ships waiting to come, we’re getting them out so fast. The United States oil and gas business is making hundreds of billions of dollars. … Our country is making hundreds of billions of dollars because of what’s happened in the Middle East.”
His country is making billions of dollars??- Only certain companies are making billions of dollars. And Trump himself is also making millions of dollars.
Meanwhile, here in Canada, like the US and many other nations, inflation is increasing. Prices are increasing on everything and the vast majority of us are finding it harder to get by. The Bank of Canada increased interest rates the other day
Canada hikes rates to contain oil price surge caused by Iran war
Canada’s central bank raised its key interest rate to 2.5 percent Wednesday, as it tries to prevent an oil price surge caused by the Iran war from sparking broader inflation.
The quarter-point hike was the Bank of Canada’s first interest rate increase since July 2023, when it was trying to get control of widespread inflation caused by the Covid-19 pandemic.
The bank has in recent months highlighted two competing pressures facing Canada’s economy, both directly tied to US President Donald Trump.
Growth is being hampered by Trump’s trade war, which has impacted business confidence and forced job losses in key sectors.
Meanwhile the conflict Trump started with Iran has sent energy prices soaring.
One reply on “Trump; “We’re making a freakin’ fortune” from Big Oil’s Price Surge/Profit taking”
Well, I’m not getting rich- how about you?