· 2 min read
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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