tollbooth
Exxon Mobil is the world's largest publicly traded energy company and the dominant integrated oil and gas tollbooth — producing 3.7 million barrels per day, operating the largest U.S. refining fleet, and expanding Permian Basin output while returning record capital to shareholders. This analysis is part of
etf-monitor
iShares S&P GSCI Commodity-Indexed Trust tracks the Goldman Sachs Commodity Index with even heavier energy weighting than DBC, making it the most energy-concentrated broad commodity vehicle — a direct bet on oil and gas prices with some diversification from agriculture and metals. This analysis is part of Energy Macro’
grid-risk
Utah's WECC-connected grid faces a critical coal-to-clean transition as the state's legacy coal fleet ages and retires, while data center growth along the Wasatch Front and abundant solar resources in the desert South create competing demands and investment opportunities. This analysis is part of Energy Macro’
tollbooth
Hubbell Incorporated manufactures the nuts-and-bolts electrical products that physically connect America's power grid — utility poles, connectors, arresters, and T&D hardware — a small but essential tollbooth on every mile of transmission and distribution line being built or upgraded. This analysis is part of Energy Macro’s Tollbooth
etf-monitor
Invesco DB Commodity Index Tracking Fund is the benchmark broad commodities ETF, holding futures across energy, agriculture, industrial metals, and precious metals — providing the most direct portfolio hedge against the inflationary pressures that are central to the Energy Macro thesis. This analysis is part of Energy Macro’s ETF Monitor
grid-risk
Tennessee's SERC-region grid, dominated by the Tennessee Valley Authority's diverse nuclear-hydro-gas fleet, faces growing demand from data center expansion in Nashville and Chattanooga while TVA's massive infrastructure investment program positions the state as a Southeast reliability anchor. This analysis is part of Energy Macro’
tollbooth
Eaton Corporation is the power management tollbooth — manufacturing the electrical components, switchgear, and power distribution systems that every building, data center, and industrial facility needs to connect to and manage electricity from the grid. This analysis is part of Energy Macro’s Tollbooth Royalties research. For our complete infrastructure income
etf-monitor
iShares MSCI Global Metals & Mining Producers ETF provides diversified exposure to the world's largest mining companies across iron ore, copper, gold, and industrial metals — the broadest single-fund allocation to the global metals supply chain that underpins industrial civilization. This analysis is part of Energy Macro’s ETF
grid-risk
South Dakota's SPP-operated grid combines exceptional Great Plains wind resources with Missouri River hydroelectric generation to create a clean energy surplus state, though extreme weather variability and limited transmission capacity constrain the full development of the state's renewable potential. This analysis is part of Energy Macro’
tollbooth
GE Vernova is the newly independent power equipment company spun off from GE, manufacturing the gas turbines, grid solutions, and wind turbines that form the backbone of America's electricity generation — the equipment tollbooth collecting on every new power plant and grid upgrade. This analysis is part of Energy
etf-monitor
VanEck Rare Earth/Strategic Metals ETF provides exposure to the critical minerals that China dominates and the West desperately needs — rare earths, lithium, cobalt, and other strategic metals essential for defense, semiconductors, and clean energy technology. This analysis is part of Energy Macro’s ETF Monitor research. For our complete
etf-monitor
Global X Lithium & Battery Tech ETF captures the entire lithium battery value chain from mining to cell manufacturing to EV production, providing exposure to the critical material powering the electric vehicle revolution and grid-scale energy storage buildout. This analysis is part of Energy Macro’s ETF Monitor research. For