Kelcy Warren, a major donor to Donald Trump's 2024 campaign, has benefited from the administration's policies favoring fossil fuels, helping increase Energy Transfer Partners' profits. Trump's actions, such as facilitating natural gas exports and altering regulations, have lessened the industry’s fears about transitioning to renewable energy sources. Analysts note that while fossil fuel production thrived under Joe Biden, the political climate under Trump has encouraged investment and growth in oil and gas, particularly benefiting billionaires like Warren associated with the sector.
In the week following the Ferc decision, Warren's wealth increased by nearly 10%, showcasing the significant financial benefits stemming from the new administration's fossil fuel policies.
Trump's administration is creating an environment that is favorable for oil and gas, essentially communicating to the industry, 'We will give you what you want.'
Mark Jones, a political scientist, highlighted that while domestic fossil fuel production reached records under Biden, fears lingered among oil companies about transitioning toward a net-zero world.
Energy Transfer Partners' profits surged in the first quarter of this year, prompting company leaders to express approval for the new administration's regulatory stance towards fossil fuels.
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