President-elect Donald Trump has pledged to increase U.S. oil and natural gas production, which is currently at record levels, by eliminating what he views as unnecessary regulations and bureaucracy. In his initial days in office, Trump could announce several executive orders related to energy.
Exiting the Climate Agreement: One possible order could involve withdrawing the United States from the 2015 Paris Agreement, a global initiative aimed at combating climate change and reducing fossil fuel emissions. This move, if implemented, would be significant as the U.S. is a major contributor to greenhouse gas emissions and plays a key role in global climate efforts.
Boosting Gas Exports: Trump is expected to swiftly lift the ban on new liquefied natural gas export permits that was imposed by the previous administration. This action could occur soon after his inauguration and would aim to facilitate the export of natural gas, particularly in response to changes in European gas imports.
Energy Emergency Declaration: Another potential order could involve declaring a national energy emergency, allowing for expedited approval of energy projects and infrastructure. This step aligns with Trump’s goal of expanding energy production to meet growing demand, particularly from data centers.
Expanding Oil and Gas Drilling: Trump is likely to instruct his administration to expand drilling for oil and gas on federal lands and waters, reversing restrictions imposed by the previous administration. This move would prioritize increasing fossil fuel development on U.S. territory, with the Interior Department playing a key role in determining the scope and frequency of drilling auctions.
Halting Offshore Wind Power: Trump has expressed intentions to halt or restrict new offshore wind power projects, citing concerns about costs, environmental impacts, and decommissioning challenges. This shift in policy could affect future lease auctions for offshore wind development in federal waters, potentially impacting an industry already facing challenges.
Overall, these potential executive orders reflect Trump’s focus on maximizing energy production and addressing regulatory barriers in the energy sector.
The United States is expected to proceed with tariffs outlined by President Trump, affecting a wide range of imports including Canadian crude oil, refined fuel, as well as components for solar and electric vehicle batteries. This move has the potential to impact global trade significantly. The implications of these tariffs will depend on the specific details that emerge. (Reporting by Richard Valdmanis; Editing by Nia Williams)
