By Andrea Shalal and David Lawder
WASHINGTON (Reuters) -President-elect Donald Trump said on Monday he will declare a national energy emergency aimed at boosting U.S. oil and gas production and lowering costs for U.S. consumers.
The emergency declaration is just one of many actions Trump is expected to take on Monday to bolster the U.S. oil, gas and power industries and put a brake on former President Joe Biden’s efforts to accelerate the electric vehicle industry.
Biden came into the White House vowing to wean the U.S. off fossil fuels, but U.S. oil and gas production hit record levels under his watch as drillers chased high prices in the wake of sanctions on Russia after its invasion of Ukraine.
“The inflation crisis was caused by massive over-spending and escalating energy prices, and that is why today I will also declare a national energy emergency,” Trump said in his inauguration speech in the U.S. Capitol. “We will drill, baby, drill.”
A Trump official speaking earlier in the day did not provide details on the national emergency, but Trump and his allies have signaled they would use the authority to rapidly approve new oil, gas, and electricity projects that typically take years to permit.
“The common theme is really unleashing affordable and reliable American energy,” the official said. “Because energy permeates every single part of our economy, it’s also key to restoring our national security and exerting American energy dominance around the world.”
Trump has said the United States is in an artificial-intelligence arms race with China and others, making the industry’s voracious power needs a national priority.
Trump is also expected to sign another order aimed at utilizing natural resources in Alaska, repealing several of Biden’s electric vehicle initiatives and protecting gas-powered appliances from federal and local regulators who want to phase them out of homes and businesses, the incoming official said.
Alaska has been a contentious area of the country when it comes to energy and the environment, with Republicans having long seen opportunities for oil and gas production there while Democrats have sought to preserve pristine land.
The official said Trump would take “decisive action to unleash Alaska’s natural resource potential,” citing an abundance of resources such as oil and gas, seafood, timber and critical minerals. No further details were provided, but the official said past regulations by the Interior and Agriculture departments had limited Alaska’s production.
Many of the actions were expected and fulfill campaign promises Trump had made on the campaign trail.
This post is originally published on INVESTING.
