Monday 18/November/2024 – 07:57 PM
Liberty Energy shares rose more than 25% in trading on Monday after the announcement of the appointment of Chris Wright, the company’s CEO, as Secretary of Energy by the President-elect. Donald Trump Last Saturday.
Trump’s selection of Wright is seen as a strong signal of the incoming administration’s focus on increasing domestic fossil fuel production.
In a statement, Trump praised Wright for his leadership and innovative vision, stressing that he will play a decisive role in shaping the country’s energy future.
“As Secretary of Energy, Chris will be a key leader, driving innovation, cutting through bureaucracy, and heralding a new golden age of American prosperity and world peace,” Trump said, according to Yahoo Finance.
Promoting increased domestic energy production
The president-elect’s comments indicate that Wright will prioritize reducing regulatory barriers and promoting increased domestic energy production, especially in the oil, gas and coal industries.
Trump also introduced a new initiative, the National Energy Council, which will include representatives from all government departments and agencies involved in energy production, regulation, and distribution.
The council aims to simplify permitting processes and promote energy development in all sectors, from oil and gas to renewable sources.
A comprehensive overhaul of US energy policy
Wright’s appointment to this position reflects Trump’s commitment to comprehensive reform of US energy policy, with the goal of promoting energy independence and enhancing US energy exports.
Optimism was further fueled when Trump announced that North Dakota Governor Doug Burgum would head the newly formed National Energy Council and would also be nominated to serve as Secretary of the Interior.
Together, Wright and Burgum are expected to lead efforts to reshape U.S. energy policy, with a focus on reducing government interference in energy markets and prioritizing the interests of the oil, gas and coal industries.
For Liberty Energy, Wright’s new role could have profound implications. As CEO, he has overseen significant growth at the company, making it a leader in the hydraulic fracturing sector.
His appointment as Energy Secretary may signal that Liberty Energy, along with other companies in the energy industry, will benefit from a more favorable policy and regulatory landscape.
