Ramaswamy's Energy Agenda Is Good for His Portfolio. But Is It Good for Ohio?

COLUMBUS, OH — Vivek Ramaswamy is running for Governor on an energy agenda of more drilling, faster permitting, no renewables and fewer climate regulations. But given the millions of dollars he has invested in fossil fuels and the nearly half a million dollars the  industry has donated to his campaign, it’s worth asking who that agenda is really for.

Ramaswamy has been unapologetic about his belief in fossil fuels. He famously called climate change a hoax. A new report from Innovation Ohio examines Ramaswamy’s personal fossil fuel investments, the regulatory authority a governor holds over the energy industry, and the campaign contributions he has received from fossil fuel executives and companies.

“Ohioans have just experienced an excruciating heat dome and days of air that was unfit to breathe,” said Innovation Ohio President Michael McGovern. “The unabated data center boom is driving our utility bills through the roof. We’ve lived with the consequences of a state government that’s captured by fossil fuel interests. Between Vivek’s donors and his own personal investments, we could expect even more agencies and politicians to be co-opted.” 

Ramaswamy has personal holdings in nearly every aspect of the fossil fuel industry. For example, he invests in EOG Resources, which owns approximately 1,100,000 net acres in Ohio's Utica shale and expects to complete approximately 85 Ohio wells in 2026 alone. He is also invested in Energy Transfer LP which operates more than 2,300 miles of pipeline in Ohio. He co-founded Strive Asset Management to promote investments in oil and gas without any pressure to transition to cleaner energy. Strive has since pivoted to focus on Bitcoin treasury strategy — an asset whose economics depend on abundant and cheap electricity.

In total, fossil fuel corporations, executives and trade groups have given more than $490,000 to Ramaswamy's campaign through a combination of individual and PAC contributions. More than half the donors identified by Innovation Ohio come from out of state. 

“If he becomes governor, Vivek will oversee and have appointment authority over the agencies in charge of regulating wells, pipelines, mines, data centers and power plants,” McGovern said. “He’ll also oversee JobsOhio, which gives out public money to corporations in the name of economic development. He will have every level at his disposal to make himself and his donors richer. And Ohioans will pay the price.” 

Ramaswamy's fossil fuel agenda doesn't exist in isolation. Innovation Ohio has separately documented that both Ramaswamy and the tech billionaires funding his bid for governor have direct financial stakes in AI, data centers, and cryptocurrency: industries that run on the abundant, unregulated energy his agenda promises to deliver. The fossil fuel companies are funding his campaign. The tech billionaires are funding his super PAC. And Ohioans would be left to pay for the power.