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.