Wall Street Cuts Oil Cash as Politics Cloud the Forecast

Financing for oil and gas projects from the six biggest Wall Street Banks is on the decline, and it is a rather sharp decline. Since the start of this year, funding by banks to the hydrocarbons industry has fallen by a quarter, according to Bloomberg calculations. But it’s not because all the money is going into wind and solar. Wall Street’s top players provided $73 billion in financing to oil, gas, and coal projects since the start of the year. This was down by 25% from the first seven months of 2024, with the decline most pronounced…