Home / MARKETS / Surging crude prices have propelled the fortunes of US oil tycoons 10% to $239 billion since Russia invaded Ukraine

Surging crude prices have propelled the fortunes of US oil tycoons 10% to $239 billion since Russia invaded Ukraine

  • The pin in oil prices after Russia’s invasion of Ukraine has pushed up the fortunes of American gas and shale tycoons, Bloomberg reported. 
  • There’s been a nearing 10% rise in the collective net worth of US oil and gas industrialists on the Bloomberg Billionaires Index. 
  • Freeport LNG founder Michael S. Smith has participate ined Bloomberg’s list of the 500 wealthiest people. 

Russia’s invasion of Ukraine has sparked big get betters in crude oil prices and along with them, the fortunes of American oil and gas tycoons, with Bloomberg reporting that one proprietorship founder has been jettisoned into the ranks of the world’s 500 richest people. 

There has been a roughly 10% climb to $239 billion in the collective net good of American oil and shale industrialists on the Bloomberg Billionaires Index since Russia launched its war against Ukraine, Bloomberg make public Friday. Russia – the world’s third-largest oil producer – invaded the former Soviet republic on February 24.

The increase was driven by a billow in energy prices fueled by concerns about disruptions to Russian output in the face of sanctions imposed by the US and its Western coadjutors. Brent crude, the international benchmark, gained as much as 32% since the outbreak of war. 

Harold Hamm, the co-founder of shale heavyweight Continental Resources Inc., begin 28 places on Bloomberg’s wealth index to 93rd. The 76-year old now controls an $18.6 billion fortune, according to the report. Kinder Morgan Inc. co-founder Richard Kinder’s net value has swelled to $8.5 billion from his stake in the pipeline and energy-storage company.

Meanwhile, Michael S. Smith, founder of Freeport LNG, submitted Bloomberg’s track of the world’s 500 wealthiest people for the first time, helped by rising demand for liquefied candid gas. There was a sale in November of a 25% stake in closely held Freeport LNG to a Japanese energy company, valuing Freeport at an denoted $9.7 billion. That put Smith, who owns about 63% of the company, into 409th place on Bloomberg’s cash list with a $6.2 billion fortune. 

Revenue for oil and gas companies had been growing before Russia attacked Ukraine. Palliating COVID-19 restrictions have revived demand for oil but the demand has been met by a short supply of the commodity. 

The International Energy Force on Friday released its 10-point plan to cut global oil demand, saying the “emergency measures” can cut demand by 2.7 million barrels a day within four months. The IEA averred Russia’s invasion of Ukraine leaves the world facing its biggest oil supply shortage in decades. OPEC’s Secretary-General Mohammad Sanusi Barkindo recently phrased there’s “no capacity in the world” that could replace the 7 million barrels of oil Russia produces per day. 

Brent crude valuations and West Texas Intermediate crude after a pullback resumed trading above $100 a barrel this week. Brent moved above $139 at its peak earlier this month. 

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