Commodities
Trump's LNG Detour: $900M Winds Up in Fossil Fuel Friend's Pockets
The Trump administration's deal with German energy giant RWE has led to a $1.2 billion settlement, with $900 million of that going towards a liquefied natural gas terminal on the Gulf Coast.
RWE is buying a major stake in Louisiana LNG from Stonepeak, a private-equity infrastructure firm co-founded by Australian-born billionaire Michael Dorrell, who owns an 11-bedroom mansion near Mar-a-Lago and has donated over $1 million to Trump's inaugural committee.
The settlement marks a pivot away from renewables and towards fossil fuels, with taxpayers footing the bill. Representative Jared Huffman calls it 'an insane waste of taxpayer funds' and is leading an investigation into similar deals that have wiped out over a dozen offshore wind projects.