Fossil Energy – USA
Last Friday President Donald Trump signed an executive order formally creating a National Energy Dominance Council and directed it to move quickly to drive up already record-setting domestic oil and gas production.
Trump’s administration also announced it has granted conditional export authorization for a huge liquefied natural gas project in Louisiana, the first approval of new LNG exports since former President Joe Biden paused consideration of them a year ago.
And Trump said he has directed Interior Secretary Doug Burgum to undo Biden’s ban on future offshore oil drilling on the East and West coasts. Biden’s last-minute action last month ‘viciously took out’ more than 625 million acres offshore that could contribute to the nation’s ‘net worth’, Trump said.
Trump also vowed to revive a cancelled pipeline that would carry natural gas from Pennsylvania to New York, saying it could slash energy prices in the Northeast by as much as 70%.
Taken together, the actions underscored Trump’s commitment to increase U.S. energy production, particularly fossil fuels such as oil and natural gas, and remove regulatory barriers that may slow that down. Trump said the United States is blessed with liquid gold and has urged energy companies to sell more oil and gas to allies in Europe and around the globe.
“We’re going to make more money than anybody’s ever made with energy,’’ Trump said at the event Friday in the Oval Office. The United States has “clean energy, very clean beautiful energy. We’re lucky to have it. I call it liquid gold under our feet. And we’re going to utilize it.”
