# Trump gets richer while gas prices soar

> Trump's oil profits surge as gas prices hit record highs.
- Title: Trump gets richer while gas prices soar · Salon | Shortify
- Summary: Trump's oil profits surge as gas prices hit record highs. Trump's oil and gas stocks grew to $61.1 million while diesel prices rose 70% since Iran war began.
- Keywords: trump, gas prices, iran war, diesel prices, oil profits, energy crisis, diesel, iran, oil companies, energy policy, renewable energy, fossil fuels
- Source: Salon — https://salon.com/2026/10/10/trump-gets-richer-while-gas-prices-soar
- Author: Troy Farah
- Published: 2026-10-10T13:00:41+00:00
- Read time: 1 min
- Topics: trump, gas prices, iran war, diesel prices, oil profits, energy crisis, diesel, iran, oil companies, energy policy, renewable energy, fossil fuels
## Iran war sparks energy crisis
The U.S. faces a self-inflicted energy crisis largely caused by President Donald Trump's war against Iran.
## Diesel prices surge 70%
Diesel prices have risen around 70% since February 28, hitting a record $6.52 on September 22.
## 16 trucking companies bankrupt
At least 16 trucking companies have been bankrupted in the last two months.
## World's oil companies report $53bn profits
The five largest Western oil companies are expected to report combined third-quarter profits of $53 billion.
## Trump's oil holdings grow
Trump owned as much as $45.6 million in oil and gas stocks in 2025, now worth $61.1 million.
## Energy Secretary blames Ukraine
Energy Secretary Chris Wright blamed Ukraine for high oil prices and California's refinery closures.
## Red diesel policy fails
The red-dyed diesel policy, exempt from highway taxes, is unlikely to lower prices due to technical issues.
## Russia oil deal ineffective
Buying Russian oil won't lower prices as existing customers will seek alternatives.
## Trump's energy strategy
The administration cancels renewable energy projects and expands fossil fuel extraction.
## China's renewable surplus
China generates excess renewable energy, turning away enough to power Mexico for a year.
## Trump's war benefits oil
Trump's war with Iran has boosted oil profits for the ultra-rich while prices rise.
## Energy crisis deepens
The energy crisis threatens to clobber Republicans in the midterm elections.
## No solution in sight
Neither the administration's strategy nor China's renewable approach has reduced prices.
## Key takeaway

Trump's oil and gas stocks grew to $61.1 million while diesel prices rose 70% since Iran war began.