Breaking: Trump Unveils Comprehensive Energy Plan to Expand Gas Exports and Oil Drilling

Donald Trump’s transition team is preparing a comprehensive energy plan to be introduced shortly after he takes office, aiming to significantly boost US oil and gas production. This plan includes approving export permits for new liquefied natural gas (LNG) projects and expanding oil drilling on federal lands and off the US coast, according the several media reports. The energy package largely mirrors promises Trump made during his campaign, with a focus on rapidly advancing energy production, placing it alongside immigration as a top priority in his early agenda.

According the several media reports, Trump, a Republican, intends to reverse key climate policies put in place by his Democratic predecessor, President Joe Biden. These include removing tax credits for electric vehicles and dismantling new clean power plant regulations designed to phase out coal and natural gas. A key first step in Trump’s energy plan would be to lift Biden’s election-year freeze on new LNG export permits and approve pending ones quickly. Additionally, Trump aims to expedite drilling permits on federal lands and reopen offshore drilling plans to include more lease sales.

Symbolically, Trump would seek approval for the Keystone Pipeline, which was halted after Biden canceled a critical permit on his first day in office. However, any company wishing to resume the multibillion-dollar project to transport Canadian crude oil to the US would have to start from scratch, as easements have been returned to landowners.

Karoline Leavitt, spokesperson for Trump’s transition team, stated that the former president will use his executive powers on day one to fulfill his campaign promises. While some aspects of the energy plan would require congressional approval or regulatory changes, Trump is expected to declare an energy emergency on his first day in office to expedite the process.

In addition to the energy package, Trump plans to request new funding from Congress to replenish the US Strategic Petroleum Reserve, which was depleted under Biden to manage price spikes due to the Ukraine crisis and pandemic-related inflation. This move would stimulate short-term oil demand and boost domestic production.

Trump is also poised to apply pressure on the International Energy Agency (IEA), criticizing its emission-reduction policies. His advisers have suggested withholding funding from the IEA unless it adopts a more oil-friendly stance.

Biden had frozen new LNG export permits in January 2023 to assess environmental impacts, delaying several major projects in Louisiana. Without the necessary permits, developers cannot proceed with long-term construction plans. The US, now the world’s top producer and exporter of LNG, was pivotal in supplying energy to Europe following the Russian invasion of Ukraine. As per several media reports, Biden's promised environmental study will be released before Trump takes office but is expected to have no impact on the incoming administration’s energy policies.