Billions From Trump Tax Cuts Supercharge Fossil Fuel Sector
- Refiners rack up $7 billion gain; solar, wind see mixed bag
- From Exxon to Murphy Oil, drillers gush over overhaul impact
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Oilmen, wildcatters and particularly refiners are reaping billions in gains from President Donald Trump’s tax overhaul, helping boost the staying power of old-style energy even as the world searches for cleaner fuels.
The tax adjustments come as crude prices have rallied 54 percent since June. Together, the price rise and the new tax code have supercharged the oil industry in ways that could test the resolve of money managers who’ve vowed to divest from companies that have powered the world’s economic engines for two centuries. The top four refiners this week reaped $7 billion in gains, led by a $2.7 billion jump announced Friday by the biggest, Phillips 66.