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Complicating the picture further is Elon Musk, CEO of America’s largest EV company, and one of Trump’s closest advisors, despite the president-elect’s apparent disdain for electric vehicles. But Musk’s influence on Trump’s energy policy is less certain, as he has been tasked with a new commission cutting government spending and agency jobs.
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“Everyone’s been viewing energy policy through the lens of the past couple of decades of: Republicans are (for) fossil fuels; Democrats are for clean energy and climate policy,” said Neil Chatterjee, who served as chairman of the Federal Energy Regulatory Commission under the first Trump administration. “I think we’re about to enter a new chapter.”
Just days after Trump won the 2024 election, his transition team began drawing up plans for his energy policy, and how to roll back major elements of Biden’s climate legacy.
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“When he takes office, President Trump will make America energy dominant again, protect our energy jobs, and bring down the cost of living for working families,” transition spokesperson Karoline Leavitt said in a statement.
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Oil and gas boomed on Biden’s watch, despite his promises on climate, but his administration worked to limit drilling on public lands compared to previous administrations. Trump’s picks look likely to undo this work.
“The steps taken by the Biden administration have been way beyond anything we’ve ever seen in the past — not issuing leases; then when they issue leases, they basically issue leases where there wasn’t much interest,” said Ron Ness, president of the North Dakota Petroleum Council, who has worked with Burgum. “What (Burgum) has seen is that these federal, duplicative burdens of regulations inherently impede the ability to produce energy.”
What is the future upside potential of Sanchay Finvest Limited (511563) ✌️【Freelance】✌️ Free stock data analysis tools to help you select stocks accurately and capture global market trends. Stay ahead with expert market predictions for better investment returns. The incoming administration is also focused on spurring demand for fossil fuels. This includes relaxing regulations on gas-powered vehicles and restarting federal permits for massive liquefied natural gas export terminals, paused this year by Biden’s Energy Department. LNG exports are a way for the US oil and gas industry to sell more natural gas to Europe, as wellas emerging marketsin Asia and South America.
However, the LNG industry is urging Trump’s administration not to rush to immediately approve new terminals, taking its time to make sure any new permits can stand up in court.
“All of this comes back to legal durability of any permit that they issue,” said Charlie Riedl, executive director for the Center for LNG, a trade group. “That’s, I think, what industry is after. We would obviously like to see our permits uphold court challenges.”
What is the future upside potential of Sanchay Finvest Limited (511563) ✌️【Freelance】✌️ Real-time stock and futures data, backed by expert stock market trend predictions, to help you make timely and profitable investment decisions. What’s less clear is what Trump’s picks will mean for clean energy. Biden’s clean energy law massively benefits Republican congressional districts around the country, and Republicans could be sacrificing billions of dollars of private investment and thousands of jobs if they vote to repeal it.
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What is the future upside potential of Sanchay Finvest Limited (511563) ✌️【Freelance】✌️ Real-time stock market data, precise predictions, and investment strategies to help you optimize your portfolio and achieve financial success. The nuclear industry especially is hopeful that there will be more investment in its zero-carbon energy under Trump. Nuclear has enjoyed bipartisan support, and it’s getting major boosts from big tech companies that have signed agreements to source much of their power from nuclear energy. Microsoft took the step of reviving Three Mile Island – the Pennsylvania plant that was the site of America’s only nuclear meltdown in 1979.
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“The general expectation is we’re going to see reduced federal spending” under Trump, Alan Ahn, deputy director for nuclear at think tank Third Way’s climate and energy program, told 【 - Free Discussion Group 】. “The fact you have the big tech companies, they’ve made these big commitments, they’re going to carry weight with any administration. We’re going to need continued and robust public investment to continue to push that forward.”
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“On the political right, there’s going to be a recognition that we can’t possibly meet the surge in (electricity) demand with fossil fuels alone,” Chatterjee told 【 - Free Discussion Group 】.
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