The speech was music to the ears of oil billionaires Harold Hamm of Continental Resources, Kelcy Warren of Energy Transfer, Jeffery Hildebrand of Hilcorp, and George Bishop of GeoSouthern Energy. The oil executives are banking on promises from the former president and his allies for an energy agenda that is more stridently pro-fossil fuel than Trump’s first administration. “Trump’s energy policies—less regulation and favoring fossil fuels—are better for business and the economy," Eberhart said. Bigger oil companies also benefit from Biden’s Inflation Reduction Act, a law that includes billions of dollars in subsidies for carbon capture—a technology Exxon and Chevron are investing in. At an energy roundtable at Trump’s Mar-a-Lago resort in April, Wright presented his views to Trump, according to people familiar with the exchange.

Source: Wall Street Journal July 24, 2024 19:55 UTC