Exxon Shares Post Second Largest Gain Since 2023 After DOGE Seeks To Cut Clean Energy Projects

ExxonMobil shares surged after reports of potential Energy Department funding cuts. The cuts, driven by the Department of Government Efficiency under Elon Musk, could eliminate nearly $10 billion in clean energy funding. Internal memos reveal the cuts target hydrogen, carbon capture, and energy storage projects. The move aligns with President Trump's broader federal spending reduction efforts. The Energy Department is considering withdrawing support from hydrogen hubs in Democratic-leaning states. Over 250 clean-tech projects are at risk, spanning various renewable energy technologies. Thousands of DOE jobs are potentially affected, with resignations and buyouts already underway. Federal grants and loans have been largely frozen since February under Trump's directives. Only a few projects, like Michigan's Palisades nuclear plant, have received funding. A former DOE official warns that these actions could drive clean-tech investment overseas.