Since President Trump released his America First Energy Plan at the beginning of 2017, the country has increased oil and gas production & has seen regulatory burdens reduced. John B. King, partner at Breazeale, Sachse & Wilson examines the effect this plan is having on the country’s energy markets
The Trump Administration has made it clear that it seeks to unleash the potential of American-produced energy. To that end, it has taken actions on a variety of fronts to encourage production of oil and gas and decrease regulatory burdens on the industry.
AMERICA FIRST ENERGY PLAN
President Trump has issued a number of pronouncements regarding energy production. On his first day in office, January 20, 2017, the America First Energy Plan was released. Essentially, the plan is a blueprint for future action in order to ‘maximise the use of American resources, freeing us from dependence on foreign oil’.
It declares that the industry has been ‘held back by burdensome regulations,’ such as the Climate Action Plan and Waters of the United States Rule, and pledges to eliminate these and other ‘harmful and unnecessary policies’.
Further, the plan recognises the ‘$50 trillion in untapped shale, oil, and natural gas reserves,’ and promises to ‘embrace the shale oil and gas revolution to bring jobs and prosperity to millions of Americans’.