Oil and gas stocks rise after Trump vows to ramp up fossil fuel production

By James Rogers

Donald Trump promised greater U.S. production of fossil fuels in his speech that closed the Republican National Convention

Several coal and oil stocks edged up in premarket trades Friday hours after Donald Trump used his speech at the Republican National Convention to promise greater U.S. production of fossil fuels.

The Republican presidential nominee vowed to use fossil fuel production to lower taxes and stop inflation as he closed out the convention in Milwaukee, just days after surviving an assassination attempt.

Related: Trump promises 'massive tax cuts' and an end to inflation in convention speech

Trump also derided the "green new scam," and promised to stop Democrats' climate-related spending.

Oil and gas stocks were up in premarket trades Friday, with Marathon Oil Corp. (MRO) up 0.5%, ConocoPhillips (COP) up 0.1%, Exxon Mobil Corp. (XOM) up 0.2%, and Devon Energy Corp. (DVN) up 0.6%. However, Chevron Corp. (CVX) is down 0.1%.

Related: These stocks offer some insulation against election volatility

Renewable energy specialists AES Corp. (AES) and NRG Energy Inc. (NRG) are down 0.2% and 0.1% premarket, respectively.

-James Rogers

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07-19-24 0723ET

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