Oil and gas stocks rallied on Tuesday as the United States President Donald Trump unveiled an energy agenda at the start of his second term.
The plan, which prioritises maximising US oil and gas production, includes declaring a national energy emergency, rolling back regulatory restrictions and withdrawing the U.S. from an international climate change agreement, Reuters reports.
Major oil firms and oilfield services companies benefitted from the announcement, with Schlumberger rising 1.7 per cent and Kinder Morgan gaining 2.2 per cent. Nuclear energy stocks also saw gains after Trump appointed Chris Wright as energy secretary. Wright pledged to boost nuclear power and liquefied natural gas production as key components of the administration’s energy strategy.
According to Reuters, nuclear energy companies recorded increases, with Vistra rising 4 per cent, NuScale Power jumping 10 per cent, and Oklo Inc., a nuclear startup backed by Sam Altman, adding 12.4 per cent.
Trump’s energy agenda, outlined during his inaugural address, aims to position the U.S. as a global leader in energy production while reducing dependency on foreign energy sources.
“We will drill, baby, drill,” Trump declared, emphasising the administration’s commitment to expanding oil and gas exploration”. Reuters added
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