President-elect Donald Trump announced on Saturday that Liberty Energy CEO, Chris Wright, will be the next energy secretary of the United States. Liberty Energy, based in Denver, is an oilfield services company with a market capitalization of $2.7 billion. Following Trump’s victory in the presidential election, the company’s stock saw a 9% increase on November 6th, but has since experienced a decline.
Chris Wright, in addition to his role at Liberty Energy, is on the board of Oklo, a nuclear power startup supported by Sam Altman, the CEO of OpenAI. This company is focused on developing micro reactors. Wright has been selected to be a part of Trump’s Council of National Energy, which will be led by North Dakota Governor Doug Burgum, Trump’s pick for Interior Secretary.
Wright has expressed skepticism about the idea of a climate crisis that necessitates a shift away from fossil fuels. He believes that carbon dioxide is essential for life on Earth and disputes the concept of carbon pollution. According to Wright, all energy sources have both positive and negative impacts on the environment, rejecting the notion of clean or dirty energy.
Trump praised Wright as a prominent figure in the energy industry, highlighting his experience in various sectors such as Nuclear, Solar, Geothermal, and Oil and Gas. The president-elect credited Wright as a key player in the American Shale Revolution, which played a significant role in achieving American Energy Independence and reshaping global energy markets and geopolitics.
While Trump has promised to boost fossil fuel production in order to lower energy costs, some analysts and oil executives have suggested that the president’s actual influence on oil and natural gas output in the U.S. may be limited. Despite this, the United States has been the top producer of crude oil in the world since 2018, surpassing countries like Russia and Saudi Arabia, as reported by the Energy Information Administration.
