Since the beginning of the year, the fortunes of America’s fossil fuel billionaires have surged. Even though the U.S. is pumping more oil and gas than ever, Trump plans to pump more. That’s been great news for the fossil fuel industry.
Rebecca Schneid of TIME magazine reports:
President Donald Trump’s inauguration on Jan. 20 in Washington D.C. brought the world’s wealthiest people together to celebrate his return to the presidency, including Elon Musk, Jeff Bezos, and Mark Zuckerberg, who have a combined net worth of nearly $900 billion, according to Forbes.
As Trump was inaugurated, longtime Trump supporter Harold Hamm—known for fracking and considered “America’s richest oil man” with over $18.5 billion in wealth running Continental Resources— hosted an exclusive inauguration watch party. Invitees included Trump’s pick to run the Interior Department, former Governor of North Dakota Doug Burnam.
The connection between Trump’s rise and policy choices and American business leaders is especially true for the top fossil fuel billionaires, says the Climate Accountability Research Project (CARP). The group has been tracking the impact of Trump’s latest presidential campaign and election win on the wealth of 15 individual billionaires involved in the fossil fuel industry.
In just one day after Trump’s inauguration, CARP says these 15 billionaires saw their combined wealth increase $3.31 billion, from $317.86 billion to $321.17 billion. And since the new year began, these individuals have made $17 billion, according to a CARP analysis using Bloomberg Data.
This list of top U.S. fossil fuel billionaires includes David Koch’s widow Julia Flesher Koch, Charles Koch, the current chairman and CEO of Koch Inc., Hamm, as well as many other owners of oil and gas companies like Kinder Morgan, Enterprise Products, and Hunt Consolidated.
“A good return on investment,” Chuck Collins, co-founder of CARP tells TIME of the billionaires’ wealth increase since Trump’s election. Collins co-authored a report released this month by CARP tracking connections between Trump’s second run for office and U.S. oil and gas giants.
According to Yale Climate Connections, nearly $23 million in oil and gas industry funds went directly to candidate Trump and the PACs supporting him during his recent election campaign.
At an April 2024 dinner organized with Hamm and attended by oil executives from places including Exxon and Chevron at Mar-a-Lago, Trump asked attendees to donate $1 billion to his campaign. He told these executives they would save that much money and more after he repealed environmental regulations and fast track drilling permits, the Washington Post reported.
CARP’s analysis comes as Trump declares a “national energy emergency,” begins the process of pulling out of the Paris Agreement, and promises to speed fossil fuel project approvals. In his declaration of a “National Energy Emergency,” Trump cited the need to lower energy costs and to boost oil and natural gas production across the country, in line with his mantra throughout his campaign: “drill, baby, drill.”
Trump stayed the same course in his inauguration day address: “We have something that no other manufacturing nation will ever have—the largest amount of oil and gas of any country on Earth, and we are going to use it. We’re going to use it.” His remarks received a standing ovation at Hamm’s inauguration watch party at Hay-Adams hotel in downtown Washington, the New York Times reported.
Collins says Trump’s election and his immediate executive orders are a “dream” for oil and gas executives—a dream they can only expect to get better.
“It’s a huge windfall for the industry, and it’s kind of a beginning,” Collins said. “This is the payback for investing millions and millions of dollars to get Trump elected, and clearing the way for members of Congress who are pro industry and climate deniers. This is what they paid for.”
Diane Ravitch's blog 
Thanks for this–albeit unhappy–information. As a history teacher, I “remember” back to John D. Rockefeller becoming the 1st billionaire–at the head of his Standard Oil Corporation. (He stepped on a few toes to do that, too. Not Mr. Nice Guy).
One of the history stories is that his son came to him and said, “Dad, we can’t spend it fast enough,” or words to that effect. (Remember, a loaf of bread cost about 5 cents–just noticed there’s no “cents” graphic on my computer keyboard–a new car about $300). So, they started the Rockefeller foundation to give aways some of the money they couldn’t spend.
Of course, today’s richest man is literally into space. Maybe it’ll be easier for him to spend his wealth–flinging it into space.
None of this would matter that much—who really cares how many yachts some guy has? But at the time of the Rockefellers, labor unions were forming and ultimately recognized by the Democrats in the White House and Congress. Their rise, though, came as the result of a hundred years of organizing.
So, I say, Let’s don’t just complain–let’s organize. We might start by boycotting the worst oil companies–or other corporations that might be chosen. Or, boycott Fox–their chief means of communication to the “masses.” What if we’d all stop buying whatever was advertised on Fox? Until they gave Ocasio-Cortez, (pick your favorite) equal time with (pick your favorite right-winger). I guarantee we’d get their attention.
As my old railroad worker Dad taught me, “Money talks.”
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No surprise about this. I think it’s consistent with the recent prediction that America’s top billionaires will be TRILLIONAIRES within the next 10 years.
I saw a report indicating that the White House page in Spanish has been taken down. I guess that should come as no surprise either.
Does anyone know whether yesterday’s Frontline report on 2.0 sanewashed him or was it truthful –or even-handed?
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Economist Richard Wolff predicted this in a youtube video about tariffs. He said that Trump had promised oil & gas billionaires to kill green energy if they funded his election. Trump has taken oligarchy to a new level that’s going to have disastrous results for humanity. I just watched a travel video to China and their heavily trafficked streets were eerily quiet because the vast majority of people are driving electric vehicles. They’re moving forwards and we’re going backwards. What a shame!
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Anybody who is anti-fossil fuel and uses an electric vehicle and then charges it using a station that relies on fossil fuels is a hypocrite. Same for anti-fossil fuel folks who fly in airplanes or order items on Amazon. Planes and Amazon trucks run on fossil fuels. Electric vehicles cost 3-4 times as much as as fossil fuel vehicle to purchase. Thus, poorer people can’t join the, “I’m so green and cool party”. Oh yeah, the batteries that electric vehicles use depend on child labor to dig up dangerous lithium chemicals in 3rd world countries. Plastics are also mostly made with fossil fuels. Bottom line is that currently, fossil fuels run the world. Should green energy sources be researched by private companies if they choose to? Yes, but let the free market dictate that industry with supply and demand.
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And yet gas prices are rising…maybe it was never to help people with prices. I am shocked? That’s all sarcasm, in case anyone missed it.
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