Wealth of US ‘oil-garchs’ went up 15% in nine months as industry figures plan Trump inauguration party
Wealth of US ‘oil-garchs’ went up 15% in nine months as industry figures plan Trump inauguration party
Oil and gas firms have given more than $75m to Trump’s campaign and stand to benefit from his ‘drill, baby drill’ plan
Summary
US fossil fuel billionaires saw a 15% wealth increase over nine months, gaining $40.2 billion collectively, as the oil industry prepares to benefit from Donald Trump’s second-term energy agenda.
Industry leaders, who donated over $75 million to Trump’s campaign, expect deregulation, expanded drilling, and the reversal of Biden-era climate policies.
Climate advocates criticized oil executives for influencing policy while hosting lavish inauguration events.
Trump’s energy plans, including a roadmap from the American Petroleum Institute, promise major profits for fossil fuel companies but raise concerns about environmental and climate impacts.