Donald Trump has pledged to increase U.S. oil production and roll back regulations to facilitate this, as he revealed in an exclusive interview with Bloomberg Businessweek published on Wednesday. The interview, conducted at Mar-a-Lago in late June, occurred just before the first presidential debate and prior to an assassination attempt on Trump over the weekend.
Discussing various domestic and global issues, Trump emphasized the need for lower energy costs, highlighting America’s abundant energy resources. “We have more liquid gold than anybody,” Trump stated, asserting the importance of affordable energy. He criticized wind power as expensive and questioned the environmental benefits and cost-effectiveness of solar and wind farms.
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While specifics on U.S. energy policies were scant, Trump made it clear he would prioritize supporting American oil and gas production if re-elected. His agenda would likely include overturning or revising President Biden’s energy and climate policies, such as methane regulations, limits on LNG export permits, electric vehicle mandates, federal oil and gas leases, and parts of the Inflation Reduction Act.
Repealing the Inflation Reduction Act would hinge on a Republican-controlled Congress, which could face challenges in altering or eliminating the incentives that predominantly benefit projects and jobs in Republican-leaning states, analysts noted.
Trump’s choice for running mate, Ohio Republican Senator J.D. Vance, further indicates a focus on fossil fuels over clean energy in a potential second Trump administration.