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The FT writes, US oil execs are eagerly awaiting Trump’s expected rollback of environmental regulations, but despite the president’s pledge to “drill, baby, drill,” production is unlikely to increase significantly during his second term in office.
Trump made energy policy a pillar of his campaign, vowing to slash red tape and unshackle US oil producers to drive up production and bring down prices for consumers. “We have more liquid gold than any country in the world more than Saudi Arabia,” Trump said.
The former president’s re-election is a boon for the industry, which had a tumultuous relationship with Biden’s admin. It is also a big pay-off for the corporate leaders who poured money into his campaign war chest.
“I couldn’t be more thrilled by president-elect Donald Trump’s victory,” said Continental Resources founder Harold Hamm. This is a monumental win for American energy and the future of our nation’s security.” Jeff Miller, CEO of Halliburton echoed those sentiments. “It could only be positive. In fact, I’m quite optimistic,” he said.
On taking office next Jan, the industry expects Trump to slash many of the environmental rules imposed by Biden. Mike Sommers, head of the API – American Petroleum Institute, said there had been a “regulatory onslaught” during the past four years that would now be reversed.”
Just the signal from the admin that they want a robust oil and gas industry in the US is going to be a major component to getting this industry the investment that it needs to continue to grow,” he said.
One of the most fundamental changes sought by the industry is for Trump, aided by Republican control of the Senate and potentially the House of Representatives, to push through far reaching permitting reform legislation after years of failed attempts.
Meanwhile, Trump has vowed to slash corporate tax and unpick Biden’s signature climate legislation, the Inflation Reduction Act. But many in the industry benefit from the IRA and are lobbying against its wholesale removal.
Our Take 1: America needs to return to the days in which industry was allowed to compete in open markets, with limited interference from politicians and regulators. We hope the Trump admin will lead us to that place.
Our Take 2: We’ve noticed the media associate good times in the oilfield with high levels of production. That’s not necessarily the case. An environment in which operating and regulatory costs and risks are low plays a much bigger role in ensuring longterm prosperity in the sector…even as it helps lead to lower energy costs for the public.
Our Take 3: How magnanimous of any oil and gas companies that might lobby for the retention of portions of the outgoing admin’s immensely damaging and wasteful energy policy that happen to fill their corporate coffers… even as they continue to rip-off US taxpayers. What would America do without these patriots?
Source: Doug Sheridan, LinkedIn
The post “I couldn’t be more thrilled by president-elect Donald Trump’s victory,” said Continental Resources founder Harold Hamm. appeared first on Energy News Beat.
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