The transition team of incoming U.S. President Donald Trump is working on an energy plan that aims to boost oil and gas drilling on federal lands and offshore areas. The plan also includes speeding up permits for liquefied natural gas (LNG) exports, according to Reuters, citing sources familiar with the proposal.
Throughout his campaign, Trump promised to support the oil, gas, and coal industries and to reverse some of President Biden’s environmental policies. These include halting new LNG permits and limiting offshore oil and gas lease sales, as required by Congress.
Energy policy is expected to be one of the top priorities for the new administration, with some changes likely to take effect immediately, or soon after taking office. The Trump administration is set to lift the pause on LNG export permits, fast-track drilling permits for federal lands and waters, and hold more frequent lease sales.
Trump is also expected to ask Congress for additional funding to replenish the Strategic Petroleum Reserve (SPR), which was significantly reduced after the Biden administration released oil from the reserve to help manage rising prices following Russia’s invasion of Ukraine.
In addition, the new administration may push the Paris-based International Energy Agency (IEA) to focus more on ensuring a stable oil supply, rather than advocating for net-zero emissions and climate goals, which the agency has emphasized in recent years.
Karoline Leavitt, a spokesperson for Trump’s transition team, said in a statement: “The American people can count on President Trump using his executive powers on day one to fulfill the promises he made during his campaign.”
In a sign of how the energy industry can expect things to shift, Trump recently selected Chris Wright, CEO of Liberty Energy, to lead the Department of Energy. Wright is a vocal critic of the energy transition plans proposed by many Western governments. He has called for a more practical approach, focusing on energy supply security and affordability, rather than prioritizing emission reductions.
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