Jan 21, 2025 (MarketLine via COMTEX) --
The measures reverse former President Biden's efforts to cut fossil fuel reliance in the US.
US President Donald Trump has unveiled a comprehensive plan to maximise oil and gas production in the country.
This includes declaring a national energy emergency to expedite permitting processes, rolling back environmental safeguards and exiting the 2015 Paris climate agreement, an international accord aimed at mitigating global warming.
The new measures represent a reversal from former President Joe Biden's four-year endeavour to reduce reliance on fossil fuels in the world's largest economy.
US production reached record highs, driven by high prices and sanctions on Russia following its 2022 Ukraine invasion.
The impact of Trump's actions in terms of further increasing production remains uncertain.
Trump said during his inauguration speech: aEURoeAmerica 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. And we are going to use it.aEUR
The President also initiated orders to boost oil and gas development in Alaska, counteracting Biden's conservation efforts in the Arctic and US coastal waters.
The orders also revoke Biden's electric vehicle (EV) adoption goals, suspend offshore wind lease sales and lift a freeze on liquefied natural gas (LNG) export permitting.
Trump anticipates these orders will lower energy prices for consumers and enhance US national security by expanding domestic supplies and supporting allies.
He added: "We will bring prices down, fill our strategic reserves up again right to the top and export American energy all over the world."
Environmental organisations are preparing to contest the executive orders in court.
The Biden administration had prioritised EV and wind energy technologies to decarbonise the transportation and power sectors, responsible for approximately half of US carbon dioxide emissions.
Biden's policies included consumer subsidies for new EV purchases, stricter tailpipe emissions standards and tax credits for clean energy technologies, attracting significant investment in new manufacturing and projects.
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COMTEX_462068245/2227/2025-01-21T18:05:49
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