Trump administration expected to introduce several pro-oil energy policies

Nov 26, 2024

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Jack Aylmer Energy Correspondent

By Jack Aylmer (Energy Correspondent), Jack Henry (Video Editor), Heath Cary (Senior Motion Designer)

The incoming Trump administration is expected to implement several pro-oil energy policies shortly after taking office. These measures include expanding oil drilling and reviving liquefied natural gas (LNG) exports, according to a recent report from Reuters.

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An early priority of the president-elect’s transition team will reportedly be lifting the Biden administration’s pause on new LNG export permits and approving pending ones. The pause had been introduced to mitigate methane emissions — a greenhouse gas that is 28 times more harmful than carbon dioxide and makes up around 95% of LNG.

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However, an October study by National Manufacturers Association found that the pause on LNG exports could reduce U.S. tax revenue by approximately $46 billion.

Additionally, the incoming administration plans to expedite approvals for oil drilling permits on federal lands and expand offshore drilling opportunities along U.S. coastlines.

Another proposed initiative involves replenishing the Strategic Petroleum Reserve, which was depleted under Biden to address rising oil prices during the conflict in Ukraine and economic challenges from the pandemic.

Rebuilding the reserve could stimulate short-term oil demand in the nation and encourage U.S. production.

These policies reflect commitments made by Trump to the oil and gas industry during his campaign. While Big Oil donors did not meet Trump’s alleged funding request of $1 billion, they did provide him with more financial support during this election cycle than in either of his previous campaigns.

Tags: Climate Change, Donald Trump, Natural gas, Oil, Oil Supply

[Jack Aylmer]

TRUMP’S ENERGY POLICY IS EXPECTED TO BE IMPLEMENTED WITHIN DAYS OF HIM TAKING OFFICE.

CONSISTING OF MORE OIL DRILLING AND RENEWED LIQUID NATURAL GAS EXPORTS.

THAT’S ACCORDING TO A RECENT REPORT FROM REUTERS-

WHICH SAYS THE PRESIDENT-ELECT’S TRANSITION TEAM WILL MOVE QUICKLY ON THESE OBJECTIVES.

AN EARLY PRIORITY WILL BE LIFTING PRESIDENT BIDEN’S PAUSE ON NEW LNG EXPORT PERMITS AND QUICKLY APPROVING PENDING ONES.

A RECENT STUDY RELEASED BY THE NATIONAL MANUFACTURERS ASSOCIATION FOUND THE LNG PAUSE COULD HINDER ABOUT 46 BILLION DOLLARS IN TAX REVENUE.

HOWEVER, THE BIDEN ADMINISTRATION JUSTIFIED THE PAUSE – IN AN EFFORT TO PREVENT MORE METHANE FROM ENTERING THE ATMOSPHERE.

LNG IS COMPRISED OF UP TO 95-PERCENT METHANE-
AND IS 28 TIMES MORE HARMFUL TO THE ENVIRONMENT THAN CARBON DIOXIDE.

THE INCOMING TRUMP ADMINISTRATION WILL ALSO LOOK TO EXPEDITE OIL DRILLING PERMITS ON FEDERAL LANDS-

AND OFFER UP MORE AREAS OFF THE U.S. COAST FOR OFFSHORE OIL DRILLING.

BUT TRUMP DOESN’T WANT THE COUNTRY TO JUST PROCURE MORE OIL-

HE INTENDS TO MAKE SURE THE U.S. HAS MORE OF IT STOCKPILED TOO.

EXPERTS PREDICT THE INCOMING PRESIDENT WILL CALL ON CONGRESS TO PROVIDE NEW FUNDING SO HE CAN REPLENISH THE NATION’S STRATEGIC PETROLEUM RESERVE.

THIS EMERGENCY CRUDE OIL SUPPLY WAS DEPLETED UNDER BIDEN TO HELP MANAGE PRICE SPIKES CAUSED BY THE CONFLICT IN UKRAINE AND HIGH INFLATION DURING THE PANDEMIC.

BUILDING THE RESERVE BACK UP WOULD BOOST SHORT-TERM OIL DEMAND AND ENCOURAGE U.S. PRODUCTION.

THESE ANTICIPATED ENERGY POLICY MOVES FOLLOW PROMISES MADE BY TRUMP ON THE CAMPAIGN TRAIL TO BIG OIL DONORS.

WHILE THEY DIDN’T PROVIDE HIM WITH THE ONE BILLION DOLLARS IN FUNDING HE’S REPORTED TO HAVE REQUESTED FROM THE INDUSTRY BACK IN APRIL-

THE OIL AND GAS SECTOR DID PROVIDE TRUMP WITH MORE FINANCING DURING THIS ELECTION CYCLE THAN IN ANY OF HIS PREVIOUS PRESIDENTIAL RUNS.

TO GET MORE STORIES ABOUT WHAT THE U.S. ENERGY LANDSCAPE WILL LOOK LIKE UNDER TRUMP, DOWNLOAD THE STRAIGHT ARROW NEWS APP AND SIGN UP FOR ALERTS FROM ME- JACK AYLMER.