By Sen. Martin Heinrich
WASHINGTON D.C. — U.S. Sen. Martin Heinrich, D-N.M., Ranking Member of the U.S. Senate Energy and Natural Resources Committee and a member and former Chairman of the U.S. Congress Joint Economic Committee, highlighted a new analysis finding that New Mexicans have spent an additional $526.2 million on gas since the start of President Donald Trump’s Iran War—an average of $666 per New Mexico household.
Meanwhile, according to the Joint Economic Committee’s analysis, Trump’s portfolio of $45.6 million in oil and gas stocks has gone up since the end of 2025 by up to $61.1 million. That’s due to the sky-high oil and gas profits and stock prices tied to Trump’s war in Iran. And in just the first three months of 2026—a period that covers both the U.S. operation in Venezuela and the start of the Iran War—the Committee found that Trump bought as much as $3.6 million in additional oil and gas stocks.
“President Trump continues to put his personal financial interests and the interests of his ultrawealthy friends ahead of New Mexico families—folks who are already struggling with higher costs created by the President’s tariffs and reckless, illegal war in Iran,” Heinrich said in a Sept. 1 press release. “New Mexicans shouldn’t have to pay more at the pump while Donald Trump and oil and gas executives rake in record returns.
“When a President uses the power of his office to benefit himself and his wealthy friends while working families are left to foot the bill, that’s corruption—plain and simple,” Heinrich continued. “We need energy policies that actually lower costs for families, not actions that pad the pockets of the President and his friends and family.”
As detailed in the new Joint Economic Committee report, throughout his campaign and early in his term, Trump received millions in donations from oil company executives, and his administration began to enact favorable rules and regulations for the industry—including billions in tax giveaways.
These companies have seen massive profits since the President launched his war with Iran. Recent estimates show that oil companies reported more than $125 billion in profits so far this year, including $12 billion for Chevron in the second quarter—its highest quarterly profits in six years—and a sky-high $14.7 billion for Exxon Mobil in that same period.
