Liberty Energy shares surge as CEO Chris Wright named Trump's energy secretary

November 18, 2024 09:57 PM AEDT | By Investing

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Liberty Energy shares surge as CEO Chris Wright named Trump's energy secretary

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Investing.com -- Shares of Liberty Energy Inc. (OTC:LBYE) surged by more than 25% in pre-open trading on Monday following the announcement that Chris Wright, the company’s CEO, would be appointed as the next Secretary of Energy by President-elect Donald Trump on Saturday.

Trump’s selection of Wright is seen as a strong signal of the incoming administration's focus on ramping up domestic fossil fuel production.

In a statement, Trump praised Wright for his innovative leadership and vision, emphasizing that he would play a crucial role in shaping the nation’s energy future. "As Secretary of Energy, Chris will be a key leader, driving innovation, cutting red tape, and ushering in a new 'Golden Age of American Prosperity and Global Peace,'" Trump said.

The President-elect's remarks suggest that Wright will prioritize reducing regulatory barriers and promoting increased domestic energy production, particularly in oil, gas, and coal industries.

Trump also introduced a new initiative, the Council of National Energy, which will include representatives from all government departments and agencies involved in energy production, regulation, and distribution.

The council’s goal is to streamline permitting processes and promote energy development across all sectors, from oil and gas to renewable sources.

Wright’s appointment to this position reflects Trump’s commitment to a comprehensive overhaul of U.S. energy policy, aimed at enhancing energy independence and boosting American energy exports.

Further fueling the optimism, Trump said that North Dakota Governor Doug Burgum would head the newly formed Council of National Energy and also be nominated to serve as the Secretary of the Interior.

Together, Wright and Burgum are expected to spearhead efforts to reshape U.S. energy policy, focusing 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 substantial growth in the company, positioning it as a leader in the fracking sector.

His appointment to the Energy Secretary post could signal that Liberty Energy, along with other companies in the energy industry, will benefit from a more favorable political and regulatory landscape.

This article first appeared in Investing.com

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