 |
Louisiana Light • 2 days | 78.02 | -0.67 | -0.85% | ||
|
Bonny Light • 157 days | 78.62 | -2.30 | -2.84% | ||
|
Opec Basket • 2 days | 80.90 | -0.84 | -1.03% | ||
|
Mars US • 447 days | 73.56 | -1.20 | -1.61% | ||
|
Gasoline • 11 mins | 2.055 | -0.003 | -0.13% |
|
Bonny Light • 157 days | 78.62 | -2.30 | -2.84% | ||
|
Girassol • 157 days | 79.56 | -1.80 | -2.21% | ||
|
Opec Basket • 2 days | 80.90 | -0.84 | -1.03% |
|
Peace Sour • 15 hours | 67.44 | -0.39 | -0.57% | ||
|
Light Sour Blend • 15 hours | 67.69 | -0.39 | -0.57% | ||
|
Syncrude Sweet Premium • 15 hours | 71.94 | -0.39 | -0.54% | ||
|
Central Alberta • 15 hours | 67.29 | -0.39 | -0.58% |
|
Eagle Ford • 2 days | 71.92 | -0.45 | -0.62% | ||
|
Oklahoma Sweet • 2 days | 72.00 | -0.50 | -0.69% | ||
|
Kansas Common • 2 days | 62.27 | -0.45 | -0.72% | ||
|
Buena Vista • 1 min | 78.64 | +0.73 | +0.94% |
The Case for Lower Oil Prices
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Trump Takes Big Axe to Biden Energy Policies
President Donald Trump has got to work on dismantling Biden admin energy policies to focus on boosting oil and gas production and exports, seeking energy dominance on a global scale.
In his first day in office, the president withdrew the United States from the Paris Agreement, just as he had done during his first term, and reversed Biden’s ban on offshore oil and gas drilling in parts of the U.S. continental shelf.
“I'm immediately withdrawing from the unfair, one-sided Paris climate accord rip-off,” Trump said, adding “The United States will not sabotage our own industries while China pollutes with impunity.”
Instead, Trump said, “America will be a manufacturing nation once again, and we have something that no other manufacturing nation will ever have: the largest amount of oil and gas of any country on Earth.”
According to Statista data, it is actually Venezuela that has the biggest oil reserves in the world, with the United States ranking ninth on the list and Russia leads in natural gas. However, the U.S. obviously has quite substantial reserves of both hydrocarbons and Trump has repeatedly stated he intends to make the best of these.
“We will bring prices down, fill our strategic reserves up again, right to the top, and export American energy all over the world,” he said of his plans for the energy sector.
These plans might be challenging to implement, however, because regulatory changes take time and there is virtually no doubt climate activist groups will sue to stop them. What’s more, Trump can encourage oil and gas producers to boost output but he has no way of forcing them to do it. The industry has indicated that while it would welcome a friendlier federal government, it had no immediate plans to return to a drill, baby, drill mode of operation.
By Irina Slav for Oilprice.com
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Irina Slav
Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.
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