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Congress, Pass a Windfall Tax on the Oil Companies Profiting From Trump's Iran War
The oil and gas companies that invested at least $75 million in Trump’s reelection are cashing in on the instability he has caused.
Apr 11, 2026
Our dependence on fossil fuels does more than pollute our air. It destabilizes the world and empowers the ultra wealthy to profit off of that volatility, leaving working families to pay the price.
This dynamic has been on full display since President Donald Trump’s attack on Iran.
Trump’s invasion of one of the world’s most oil-rich regions jolted energy markets, sending gas prices soaring to the highest level in either of his terms. In 2024 he campaigned on cutting them in half. Instead, Americans are now on track to pay roughly $720 more for gasoline this year.
The full cost to working families will be much steeper as high gas prices drive up prices on consumer goods across the board. We’re already seeing that ripple effect take hold, as the US Postal Service has proposed a temporary 8% fuel surcharge on package deliveries to offset rising transportation costs tied directly to the war-driven spike in oil prices.
To reclaim our foreign policy from those who see a global crisis as a line item on an earnings call, we must break the billionaire grip on our energy system, economy, and democracy writ large.
At the same time, the oil and gas companies that invested at least $75 million in Trump’s reelection are cashing in on this instability. A recent Financial Times analysis estimates that US oil companies could collect an additional $63 billion in revenue this year if crude prices remain at these wartime levels. In March alone, the industry is expected to generate $5 billion in extra cash flow.
This type of windfall isn’t a fluke. We’ve seen this pattern for decades.
Oil has a way of appearing in the background of every chapter of US military intervention in the Middle East and beyond. Iran nationalized its oil industry in the 1950s, and a CIA-backed coup followed. Iraq, sitting on some of the world’s largest reserves, was invaded in 2003. And earlier this year, the US invaded Venezuela and immediately began plans for a taxpayer-backed oil industry takeover.
Dependence on fossil fuels keeps us trapped in this cycle. Oil executives have spent billions to maintain this status quo, backing politicians like Trump who will protect their profits. As the oil industry rakes in eye-popping profits, it gains more power to elect leaders who prioritize policies that ensure Americans remain reliant on fossil fuels.
Following Russia’s invasion of Ukraine, Congress considered a windfall profits tax on large oil companies that would capture the excess profits generated by the crisis—and return the money to American households. Roughly 80% of Americans supported the idea.
Failure to advance that legislation cost us. Researchers calculated that if the US had redistributed the portion of fossil fuel profits that exceeded 2021 returns, every American household could have received $1,715.
As oil executives profit off the war in Iran, Congress must once again push for a windfall profits tax on the largest oil companies. This isn’t an outlandish idea. Other countries have already done it. After the 2022 energy shock, the United Kingdom enacted a windfall tax on oil and gas companies, raising about $3.3 billion in its first year and roughly $4.5 billion the next—money used to help households pay their energy bills.
The current situation in Iran underscores how unchecked extreme wealth fuels corporate control, leaving working families vulnerable. New data from Impact Research for Tax the Greedy Billionaires shows that voters blame billionaires for the affordability crisis and want leaders to do more to address this. In fact, 77% of voters nationwide—including 65% of Republicans, 75% of Independents, and 91% of Democrats—support raising taxes on billionaires.
Under the Trump administration, war profiteering has reached new extremes. Confronting corporate power and taxing the ultra wealthy isn’t just about economic fairness—it’s a national security imperative.
To reclaim our foreign policy from those who see a global crisis as a line item on an earnings call, we must break the billionaire grip on our energy system, economy, and democracy writ large. If we want a democracy that works for the people, we must stop letting it be sold to the highest bidder.
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Americans to Pay $1,096 Extra at Gas Pump Due to Trump-Israel War on Iran: Markey
“America’s small businesses, workers, and families are really feeling pain at the pump—all thanks to Trump’s illegal war on Iran,” the Massachusetts Democrat said.
Apr 09, 2026
An analysis published Thursday by the office of US Sen. Ed Markey estimates that the average American motorist will pay nearly $1,100 extra for gasoline in 2026 due to President Donald Trump's war of choice on Iran.
"The data highlights a worsening affordability crisis, with the average American family facing an annual increase of $1,096 this year if gas prices remain at $4.14 per gallon—a shocking increase of $1.16 per gallon since Trump launched his war on Iran in February," Markey's (D-Mass.) office said.
"These numbers are likely an underestimate," the analysis notes. "Many analysts predict gasoline prices will rise higher without a permanent end to the war. Instead of investing in energy independence, Trump has done everything in his power to destroy American-made affordable clean energy... and double down on the fossil fuels that are now skyrocketing in price."
"As Americans pay more at the pump, fossil fuel industry executives profit," Markey's office said. "During Trump’s first year in office, the five largest oil companies—ExxonMobil, Chevron, ConocoPhillips, Shell, and BP—made more than $75 billion dollars in profits."
Fossil fuel interests spent $445 million to help elect Trump and other Republicans in 2024. And while some Big Oil executives are reportedly upset that the ceasefire agreement with Iran apparently includes Iranian control of the Strait of Hormuz and the power to charge tolls to tankers passing through the vital waterway, industry executives sold a reported $1.4 billion in shares before and during the war that they may subsequently buy back during market dips fueled by the volatility caused by Trump's actions.
“America’s small businesses, workers, and families are really feeling pain at the pump—all thanks to Trump’s illegal war on Iran," Markey, the ranking member of the Senate Small Business and Entrepreneurship Committee, said in a statement introducing the analysis. "Instead of delivering real relief to the American people, Trump is doubling down on his reckless economic policies, which are only driving up energy prices, enriching his oil and gas buddies, and worsening the affordability crisis for everyone else."
“In uncertain times like these, gas prices go up like a rocket but come down like a feather," he added. "This administration must get serious about alleviating the crisis he alone created, or risk further throttling families’ finances and putting even more pain on Main Street.”
A Pew Research Center survey published earlier this week revealed that gas prices are Americans' biggest concern about the Iran War, with 69% worried about higher fuel costs. By comparison, 61% said they were concerned about sending ground troops to invade Iran, 59% fretted over high casualties among US troops, and 56% said they fear a terror attack on the United States.
This isn't the first time that Markey has shined a spotlight on the economic harm to American families caused by the actions of a president who campaigned upon core promises of lower consumer prices—including gasoline—and no new wars. Last month, Markey asked the Bureau of Labor Statistics to “immediately undertake and publish a comprehensive analysis of the likely consumer price impacts” of the war over the next 6-12 months.
Our nation is at a moral crossroads.Trump asked Congress for over 1 trillion to fund the Department of Defense and his war of choice. To get it, MAGA Republicans want to defund childcare. Healthcare. Education. I won't stand for that.
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— Ed Markey (@edmarkey.bsky.social) April 9, 2026 at 3:31 PM
Markey's analysis came on the same day that the National Priorities Project at the Institute for Policy Studies published a report estimating that the average American taxpayer gave $4,000 to the federal government last year “for militarism and its support systems."
That cost is likely to rise even further if Congress approves Trump's request for a record $1.5 trillion US military budget for the next fiscal year.
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'Opportunistic' Fossil Fuel Execs Cashed In on Trump's Iran War With Record Stock Sales
One climate reporter warned their windfalls "will go toward political campaigns and lobbying organizations dedicated to fighting climate regulation, blocking clean energy policy, and fueling authoritarianism."
Apr 08, 2026
After pouring money into President Donald Trump's successful campaign to take back the White House, US fossil fuel industry executives cashed in on his and Israel's war on Iran with record-setting stock sales, according to a VerityData analysis reported on Wednesday by The Wall Street Journal.
"Much of the selling for the first quarter began before the US and Israel began bombing Iran on February 28," and some "were prearranged under plans that allow executives to sell stock automatically at specific times or share prices without making in-the-moment decisions that could leave them open to allegations of improper trading," the newspaper acknowledged.
However, as share prices for the industry skyrocketed—Iran responded to the US-Israeli assault by shutting down the Strait of Hormuz, a key trade route for fossil fuels—executives at Chevron, ConocoPhillips, Diamondback Energy, and other oil and gas companies collectively sold $1.4 billion in stock.
"At nearly a dozen companies, the number of executives selling in the quarter reached or surpassed 10-year records, and in some cases set all-time records," the Journal detailed. "The sales hit a 15-year peak, with nearly six executives selling for every one that bought shares in the first quarter—well over double the usual ratio."
"CEOs stood out as big sellers in many cases," the newspaper highlighted, noting that "Chevron chief executive Mike Wirth sold some $104 million worth of shares between January and March. ConocoPhillips's Ryan Lance netted about $54.3 million in share sales in March alone. Lorenzo Simonelli, CEO of oil field services company Baker Hughes, sold about $33 million worth of stock that same month."
VerityData's head of research, Ben Silverman, said that "it speaks to the opportunistic behavior of everyone involved—it could be opportunistic set months earlier, it could be opportunistic in the moment... There was a breathlessness to the selling, and the message they sent was to cash in now because the ride won't last forever."
Who's profiting from ridiculous and unnecessary wars? Big Oil CEOs, to name one obvious group. @emorwee.bsky.social heated.world/p/chevrons-c...
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— Ross Macfarlane (@rossmacfarlane.bsky.social) April 8, 2026 at 5:04 PM
In her Heated newsletter, climate journalist Emily Atkin pointed out that "this isn't the first time a small group of extraordinarily wealthy oil CEOs used a war to make themselves richer. In the weeks after President Joe Biden said that he was 'convinced' Russia would invade Ukraine in 2022, Big Oil CEOs sold almost $99 million worth of shares, according to an analysis by Friends of the Earth and BailoutWatch."
According to Atkin:
What really makes this story remarkable is not simply that oil executives got rich from a war. It's how perfectly legal and normal it all is, and what that legality reveals about who wins and who loses when America goes to war.
When America goes to war, the costs are distributed broadly, onto every American who drives a car or heats a home. The benefits are distributed narrowly, flowing to a small group of men whose compensation is designed to capture exactly this kind of windfall.
And the cash windfall these oil executives make from the war won't go primarily toward yachts and private jets (they already have those). It will go toward political campaigns and lobbying organizations dedicated to fighting climate regulation, blocking clean energy policy, and fueling authoritarianism.
The Journal reporting came on the heels of Trump and Iran agreeing to a fragile two-week ceasefire negotiated by Pakistan late Tuesday. While Israel is supposedly on board, it escalated attacks on Lebanon on Wednesday.
As a Pakistani official publicly reiterated that Lebanon is still part of the deal and Iran threatened to back out altogether, Janet Abou-Elias, a researcher with the Democratizing Foreign Policy program at the Quincy Institute for Responsible Statecraft, told Common Dreams that Israel's assault "appeared to be a direct attempt to blow up the ceasefire, and it worked."
Meanwhile, although oil prices dropped after the ceasefire announcement, "'fossilflation'—or inflation caused by volatile and rising prices of oil and gas—is still likely to continue," the global climate group 350.org warned on Wednesday.
"Even if the Strait of Hormuz reopens and the ceasefire holds, oil and gas prices will stay above pre-war levels, and consumers will pay," said Andreas Sieber, 350.org's head of political strategy. "Volatility remains high, and supply will stay tight due to infrastructure damage and inventory rebuilding."
The group said last week that war-related spikes in oil and gas prices "have already cost consumers and businesses an additional $104.2-$111.6 billion" globally, and an analysis from Democratic members of the congressional Joint Economic Committee found that Americans spent an extra $8.4 billion at the fuel pump during the first month of Trump's war.
Throughout the conflict, 350.org and other green groups have advocated for a windfall profits tax targeting oil and gas giants, as well as renewed calls for a swift and just international transition away from climate-wrecking fossil fuels.
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