President-elect Donald Trump’s incoming energy agenda can be summarized by two strategies: “frack, frack, frack” and “drill, baby, drill.” While railing against the “Green New Scam” on the campaign trail, Trump has promised to tackle inflation by halving energy costs and electricity prices within 18 months of moving into the White House. The jury is still out on whether the incoming administration can achieve this lofty goal.
Inside the Trump Agenda
New data from the Energy Information Administration show the United States is producing a record 13.5 million barrels per day, higher than the pre-crisis daily level of 13.1 million.
Record energy production is occurring despite the current administration’s anti-fossil fuel initiative, which has consisted of blocking drilling on millions of acres in Alaska, increasing royalties that oil and gas lease bond drillers must pay (from $10,000 to $150,000), and imposing stricter environmental regulations on the sector. This past spring, the White House also temporarily paused liquefied natural gas (LNG) export approvals before a federal judge overturned the decision in July.
Trump and some industry experts think the domestic energy sector can accelerate output by reversing President Biden’s energy and environmental policies, rules, and regulations.
After nominating Gov. Doug Burgum to head the Interior Department, Trump assigned him one directive: Open up for drilling. Burgum would oversee one-fifth of the nation’s public lands, most of which are in the Western US. An estimated quarter of US crude originates from federal lands and offshore waters managed by the Interior. Trump, Republican allies, and energy representatives say production levels from these regions could dramatically increase. […]
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