SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
5
#000000
#FFFFFF
wall street
'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...
[image or embed]
— 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.
Keep ReadingShow Less
Leading in Primary by 38 Points, Platner Takes Aim at Collins' Wall Street Cash and Iran War Support
"We need to defeat Susan Collins," said the Senate candidate. "That work can’t wait until June."
Apr 01, 2026
As Maine's US Senate primary draws near, Democratic Gov. Janet Mills has gone negative—focusing on online posts that her rival, political newcomer Graham Platner, wrote more than a decade ago.
But with poll after poll showing Platner beating the governor by double digits—and with the gap getting larger with each attack ad Mills releases—Platner this week turned his attention away from the primary race altogether, releasing an ad focusing on Republican Sen. Susan Collins, whom the Democrats are hoping to unseat next November.
In a one-minute ad released online Tuesday evening, Platner is seen in black and white at one of the many rallies he's held across Maine since launching his campaign last August, where he's spoken in support of Medicare for All, condemned President Donald Trump's mass deportation campaign and war in Iran, and spoken out against oligarchy.
Collins, Platner tells the audience in the ad, "is the epitome of the establishment politician who serves the donors and serves herself, who is cynical and duplicitous, who's willing to say one thing and do another."
"We had to shed her from our politics. Quite frankly, we have to shed all the people like her," Platner continues as a musician plays the labor movement anthem, "Which Side Are You On?"
We need to defeat Susan Collins. That work can’t wait until June. So we plan to make clear to Mainers starting today: Susan Collins is not on our side.
Every dollar you donate to the ActBlue link in the reply will go directly behind this ad, to taking back this Senate seat. pic.twitter.com/djyuwSHfiI
— Graham Platner for Senate (@grahamformaine) March 31, 2026
While Platner addresses the crowd, text appears on screen:
"Collins raked in Wall Street cash before advancing Trump tax bill," it reads at one point, referring to the $2 million donation Blackstone CEO Steve Schwarzman gave to the senator's super political action committee (PAC) one day before she voted to advance President Donald Trump's One Big Beautiful Bill Act, which contained tax cuts for the rich as it slashed public programs like Medicaid and federal food assistance.
"Collins accepts thousands from insurers while health costs soar," the text continues, citing a Maine Beacon article about $120,000 in campaign donations from PACs associated with for-profit health insurance companies—"the same companies now raising premiums on Mainers by as much as 23% in 2026."
"Collins expresses support for Trump's war in Iran," the text reads at another point, regarding the senator's comment last month that Trump has "inherent abilities as commander-in-chief to react" to what he claimed was a threat posed by Iran when he began attacking the country along with Israel.
A poll released by The Associated Press-NORC Center for Public Affairs Research last week showed nearly 6-in-10 Americans say the war has gone too far. Fifty-six percent of respondents to a Data for Progress survey last month said the war would benefit Israel more than the US, and this week two polls found a majority of Jewish Americans oppose the war.
"We need to defeat Susan Collins. That work can’t wait until June," said Platner on Tuesday, referring to the June 9 primary. "So we plan to make clear to Mainers starting today: Susan Collins is not on our side."
The ad was released as the latest polling from Impact Research found 66% of likely Democratic primary voters backing Platner, with just 28% supporting the governor.
That poll bolsters other recent surveys that have found Platner with a commanding lead, including at least one other that was taken after Mills launched her first negative ad against her opponent. A second ad was released days later, focusing on the same subject matter: comments Platner made on Reddit in 2013 about sexual assault survivors, which the candidate has said don't represent his current views.
"Janet Mills going negative backfired," said Ryan Grim of Drop Site News, "which doesn’t bode well for Collins either."
Keep ReadingShow Less
New Trump Rule Would Let Private Equity, Crypto ‘Endanger Retirement Savings of Millions'
“This isn’t about advancing the interests of retirement savers, it is about opening a new profit center for crypto and Wall Street," said one critic.
Mar 31, 2026
US President Donald Trump's Labor Department on Monday unveiled a proposal that would welcome private equity and cryptocurrency investments into Americans' 401(k) plans, the culmination of an aggressive Wall Street lobbying push that could leave the retirement savings of millions vulnerable to the wild swings of so-called "alternative assets."
The proposed rule, now subject to a public comment period, was issued at the direction of a Trump executive order from last year that was characterized at the time as "the holy grail for private equity."
In addition to giving employers a green light to include private equity and crypto investments in 401(k) plans offered to workers, the new rule would establish a "safe harbor" allowing retirement account administrators to avoid legal action from employees who believe their funds were steered into excessively risky products.
"The legal immunity created by this safe harbor will incentivize financial advisers to pitch these toxic products, which will become ticking time bombs in tens of millions of retirement accounts, which will no doubt result in significant losses," warned Benjamin Schiffrin, director of securities policy at the advocacy group Better Markets. "There are good reasons why 401(k) plans have been considered closed to private markets and cryptocurrencies, and those reasons have not changed. The only thing that has changed is the administration’s support for these industries and regulators’ willingness to do their bidding."
"This is no reason to endanger the retirement savings of millions of Americans," Schiffrin added.
Oscar Valdés Viera, senior policy analyst at Americans for Financial Reform, similarly warned that "opening 401(k)s to these products risks turning workers’ retirement savings into a Ponzi-like scheme that throws a lifeline to an industry scrambling for fresh cash."
"This isn’t about advancing the interests of retirement savers, it is about opening a new profit center for crypto and Wall Street," said Viera. "Retirement savers should not be bailing out these high-risk industries and subsidizing the Wall Street and crypto billionaire class."
"Private equity firms should not get a free pass to loot workers’ 401(k) retirement savings."
Americans currently hold over $10 trillion combined in 401(k) plans, a huge trove of wealth that the private equity industry has been working for years to access. The Labor Department indicated that its proposed rule would apply to over 720,000 retirement plans covering roughly 118 million workers.
The American Prospect reported Tuesday that the managers of private equity firms are "already pressuring companies, third-party administrators, and the consultants who advise them to list their offerings" among workers' retirement plan options.
"One staffer at an institutional investor who is not authorized to speak to the media told the Prospect about their primary worry: that private equity will stick their most overvalued companies into continuation funds exclusively for 401(k) plan holders, or 'retail investors,' as they are known," the outlet continued. "Private credit firms are retailoring their funds for 401(k) plans as well, and some of the biggest have already struck deals with asset managers like Voya and Vanguard. 'I’d be shocked if the industry doesn’t attempt to dump their garbage onto retail,' the staffer said."
One recent analysis by the Private Equity Stakeholder Project (PESP) found that private equity funds for retail investors "dramatically underperformed publicly listed stock indexes" in 2025 while charging much higher fees.
Jim Baker, PESP's executive director, said Monday that "private equity firms should not get a free pass to loot workers’ 401(k) retirement savings."
“The bar for including private equity in 401(k)s should be extremely high,” said Baker. “Private equity funds have lagged public markets while charging much higher fees, and public pension funds are pulling back from the asset class. Instead, this rule risks shifting more financial risk onto workers who rely on their retirement savings for long-term security.”
Sen. Elizabeth Warren (D-Mass.) also ripped the Labor Department rule, saying in a statement that "Americans facing an uncertain future in Trump’s economy will now have more reasons to question the security of their retirement savings—all so that Trump’s Wall Street buddies have another pile of cash to play with."
"Anyone who cares about the financial security of working people," said Warren, "should oppose this proposed rule."
Keep ReadingShow Less
Most Popular