It's been just under a week since we learned the outcome of the U.S. presidential election and we are now starting to get a glimpse of how a second Trump presidency may look for the energy patch.
President-elect Donald Trump has vowed to roll back regulations that hinder oil and gas drilling and wants to keep prices for things like gasoline down for consumers. This comes as he has promised to impose tariffs on imported goods.
Experts say there is not a ton Trump's administration can do to roll back some of the clean energy benefits of the Inflation Reduction Act because the law would be near impossible to repeal. Still, Trump is hardly aboard the clean energy bandwagon, as early signals from within the transition team show.
On Friday, a report came out that Trump's transition team is preparing an executive order and proclamations on withdrawing from the Paris climate agreement when he comes into office in January. President Joe Biden signed the U.S. up for the agreement on his first day of office after Trump withdrew from it in his first term in 2017.
Trump is also looking to shrink some national monuments to allow for more drilling and mining, and revoke a waiver that let some states like California have tighter pollution standards.
The Trump administration is also anticipated to end a pause on liquefied natural gas (LNG) export permitting, something applauded by the LNG industry. This includes projects like Commonwealth LNG, which has been waiting for a permit for its $10 billion facility for more than 18 months.
Meanwhile, Trump is eyeballing North Dakota Governor Doug Burgum as his "energy tsar," according to other media reports. Burgum's state is the third largest oil producer in the U.S., with output totaling nearly 1.2 million barrels per day.
The new role of "energy tsar" would help with Trump's push for deregulation. Former Energy Secretary Dan Brouillette is also being considered.
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