Shortly after President Donald Trump’s surprise election victory last year, I wrote an article here at Seeking Alpha in which I described the event as a “seismic shift” in U.S. energy policy. I detailed how the share prices of fossil fuel companies, especially merchant refiners and coal miners, were rapidly outpacing the broader S&P 500 index while those of renewable energy companies straggled well behind. President (then President-Elect) Trump was busy naming successful investors to important advisory positions and forming White House councils filled with business executives and the “Trump Rally” was on. Investor sentiment indicated the existence of strong expectations in the market that the new administration would be a major boon to America’s business environment, especially to some sectors that had faced hurdles under the Obama administration.
Source: Seeking Alpha