Big Oil Cashes in on Trump Campaign Investment, Doubles Profits Compared to Last Year

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Washington, D.C.— The oil majors have begun to publish their quarterly results. Shell reported today that it nearly doubled its profits from the same quarter last year and that the third quarter of 2026 was its highest profit quarter since 2022, following the Russian invasion of Ukraine. Combined profits with other major oil companies (including BP, ExxonMobil, Chevron and TotalEnergies) are expected to total $53 billion.

Donald Trump and his administration are also personally profiting from the profits generated by the war in Iran. A new report from the US Congress’ Joint Economic Committee found that Trump’s personal wealth from oil and gas stocks has increased to $35.8 million.

In response, Mahyar Sorour, director of Beyond Fossil Fuel Policy at the Sierra Club:

“Trump asked polluters to fund his campaign as a quid pro quo in exchange for his administration doing everything possible to eliminate protections for people and the environment. That billion-dollar investment in the campaign is generating big profits for the largest oil and gas companies that heeded the call and are now expected to double their profits in the third quarter from last year as energy prices soar due to Trump’s war in Iran.

“It’s not just Big Oil that is benefiting from Trump’s actions: the president himself is lining his pockets and bragging about it on stage while Americans struggle to make ends meet. Trump doesn’t care about people’s health or building a safe, clean energy future. He cares about him and his Big Oil friends getting rich. We need to stop Big Oil and Gas profiteering and enact a windfall tax.”