Trump To Declare ‘National Energy Emergency’ To Boost Oil Production?

President-elect Donald Trump will sign an executive order declaring a national energy emergency aimed at boosting U.S. oil and gas production and lowering costs for U.S. consumers, an official with the incoming White House said on Monday.

The emergency declaration is just one of many actions Trump is expected to take on Monday to bolster the U.S. oil, gas, and power industries and put a brake on President Joe Biden’s efforts to accelerate the electric vehicle industry.

Biden came into the White House vowing to wean the U.S. off fossil fuels, but U.S. oil and gas production hit record levels under his watch as drillers chased high prices in the wake of sanctions on Russia after it invaded Ukraine.

Reliable American Energy

The official did not provide any details on the national emergency, but Trump and his allies have signaled they would use the authority to rapidly approve new oil, gas, and electricity projects that typically take years to permit.

“The common theme is really unleashing affordable and reliable American energy,” the official said. “Because energy permeates every single part of our economy, it’s also key to restoring our national security and exerting American energy dominance around the world.”

Trump has said the United States is in an artificial intelligence arms race with China and others, making the industry’s voracious power needs a national priority.

Alaskan Resources

Trump is also expected to sign another order aimed at utilizing natural resources in Alaska, repealing several of Biden’s electric vehicle initiatives and protecting gas-powered appliances from federal and local regulators who want to phase them out of homes and businesses, the incoming official said.

Alaska has been a contentious area of the country when it comes to energy and the environment, with Republicans having long seen opportunities for oil and gas production there while Democrats have sought to preserve pristine landscapes.

The official said Trump would take “decisive action to unleash Alaska’s natural resource potential,” citing an abundance of resources such as oil and gas, seafood, timber, and critical minerals. No further details were provided, but the official said past regulations by the Interior and Agriculture departments had limited Alaska’s production.

(with inputs from Reuters)