The President was full of energy today – the traditional fossil fuel variety rather the green stuff – today but it didn’t do much to boost oil stocks.
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In his latest Truth Social posting, the President’s Trumpy nature was in full flow.
Dashboard Delivers
Okay, it wasn’t quite the President’s own words, more a reposting of someone else’s fulsome quotes but they certainly seemed to have made the President fluff up his oil slick free feathers.
Secretary of Energy, Chris Wright: “President Trump has TRANSFORMED the American energy landscape. You’re going to see a lot more of big, beautiful, clean coal!”
U.S oil stocks didn’t fare too well with Exxon Mobil (XOM) stock down 0.4% in early trading, with Chevron (CVX) also off 0.4%. More British focused stocks such as BP (BP) did better with it and Shell (SHEL) getting an around 0.35% lift.
One of Trump’s main mantras since his first day in charge, and before that in campaign speeches up and down the country, has been “Drill, baby, drill” offering succor to oil and gas firms but switching the lights off for renewable energy firms. He has paused new permits for offshore wind farms and rowed back on green energy incentives.
He has also ordered government agencies to identify ways to increase already record high U.S. oil and gas production, arguing past administrations had unnecessarily curtailed drilling.
Feeling Green
Indeed, in another Trumpy tweet today he praised another blow to the green energy lobby.
“To the many Great Americans enjoying their Summer Vacations in Atlantic City, Wildwood, and Cape May, in the wonderful State of New Jersey, overlooking the Atlantic Ocean: Remember that your Republican Congressman, and my GREAT friend, Jeff Van Drew, is fighting hard, and WINNING, to keep your Beaches BEAUTIFUL, with NO WINDMILLS. In fact, we just beat one of the biggest Windmill projects anywhere in the World. It would have been a disaster, but they gave up because of the onslaught of “TRUMP”/Van Drew. Great job, Jeff!”
Green stocks, such as Danish developer Orsted (DOGEF), have indeed suffered in comparison with oil.
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