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President-elect Donald Trump has not been shy in professing his love for fossil fuel. His adopted “Drill, Baby, Drill” slogan has made it clear that his second regime's energy policies will be headlined by oil, of which the U.S. is now the world's largest producer. Trump believes that to bring down inflation, a decline in energy prices will be key, and an increase in oil production will be effective in doing just that.
Unsurprisingly, given that the returning president has labeled the Inflation Reduction Act (IRA) as part of the “Green New Scam,” his decisive election victory has come as a blow to the renewable energy sector. Shares of the largest clean energy ETF in terms of assets under management (AUM), the iShares Global Clean Energy ETF (ICLN), have dropped more than 8% over the past week, even as broader markets have soared to new record highs.
