He obviously has friends in the fossil fuel business who influence him. Even if the US produces lots of oil they are still affected by world prices so some will profit. Other countries will electrify more to get energy independence.
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We elected a dinosaur. It's bigger than oil prices and fossil fuels. He is squandering the nation's assets, including its good will and leadership role. He is destroying our faith in government, in each other. If he gets the full four years we may never recover.