Feb 20, 2025 (Baystreet.ca via COMTEX) --
President Donald Trump will enlist the help of Republicans in Congress to reduce the debt burden on households and companies, notable oil and gas producers, whom he will allow to expense 100% of capital spending, according to Reuters.
"If you buy something that is going to be good for our country, we're going to let you expense it," Trump stated.
"We're going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime," the U.S. president said.
In a post on Truth Social, Trump praised Congress for "doing a SPECTACULAR job of working together as one unified, and unbeatable, TEAM," and added that "We need both Chambers to pass the House Budget to "kickstart" the Reconciliation process, and move all of our priorities to the concept of, "ONE BIG BEAUTIFUL BILL.""
The current budget bill envisages tax cuts of a total $4.5 trillion over the next ten years, including the renewal of tax cuts Trump introduced during his first term and new ones from his second campaign, such as the removal of tax on tips, NPR reported.
Trump has repeatedly stated that the energy industry is crucial for the country's growth and wellbeing, and wasted no time in launching support measures, such as the removal of the Biden administration's pause on new LNG export terminal approvals and easing red tape around oil and gas exploration and production.
Oil drillers, however, have signaled they had no immediate plans to boost production any further, unless global prices improved enough to motivate such a move. By the look of it, however, prices are first more likely to go down as Trump pushes for an end of the war in the Ukraine--a development that, according to Secretary of State Marco Rubio, will result in the lifting of sanctions on Russia.
By Irina Slav for Oilprice.com
COMTEX_462956445/2559/2025-02-20T06:57:52
