Oil tycoons bet big on Trump. It’s paying off

illuminem summarises for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:

🗞️ Driving the news: Oil tycoons who backed Donald Trump’s 2024 re-election campaign with tens of millions of dollars are now seeing their investment pay off
• Since returning to office, Trump has opened vast public lands to drilling, rolled back environmental regulations, and moved to restrict support for renewable energy
• Among the key beneficiaries is Harold Hamm, founder of Continental Resources, who celebrated with Trump on election night
• However, the sector's gains are being tempered by falling crude prices

🔭 The context: Trump’s administration has swiftly advanced a fossil fuel-friendly agenda, including approval of new natural gas export terminals and repeal of emissions limits
• Industry leaders such as EQT CEO Toby Rice and ExxonMobil’s Darren Woods now enjoy enhanced access to the White House
• The administration is also preparing the so-called “One Big Beautiful Bill” aimed at removing regulatory barriers for oil and gas development while deprioritising incentives for clean energy and electric vehicles

🌍 Why it matters for the planet: These actions mark a sharp reversal from previous efforts to accelerate the energy transition
• By doubling down on fossil fuels and weakening renewables, the administration risks locking the U.S. into high-emissions pathways, undermining both domestic and global climate goals
• The rollback of environmental safeguards could have lasting consequences for carbon-intensive sectors, air quality, and ecosystem protection

⏭️ What’s next: Expect further expansion of fossil fuel leasing on public lands and continued weakening of renewable energy support mechanisms
• The administration is positioning fossil fuels as central to U.S. economic growth, a stance that may further isolate the U.S. from international climate leadership
• Subdued oil prices—hovering near $62 per barrel—could challenge the financial upside of expanded drilling despite regulatory advantages

💬 One quote: “This administration understands how important energy is,” — Toby Rice, CEO of EQT Corporation

📈 One stat: U.S. crude oil prices have dropped to $62 per barrel, down from $76 when Trump re-entered office in January 2025

See on illuminem’s Data Hub™ the sustainability performance energy companies ExxonMobil, BP, Chevron and Shell

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