US President-elect Donald Trump will allow companies to drill for more oil and gas when he takes office in January.
Donald Trump puts action behind the words "drill, baby, drill". In any case, the incoming president now says he will allow new drilling for oil and gas.
According to sources cited by Reuters , Trump's incoming administration is already working on an oil program that could be created when he takes the presidency again.
The program is expected to enable increased oil and gas extraction on federal land and expand the possibilities for offshore drilling.
According to the plan, permits for new drilling must be processed more quickly, and areas with great economic potential can be opened up for extraction.
At the same time, it is mentioned that the controversial Keystone XL Pipeline is already on the incoming president's table.
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However, a new attempt to carry out the project will require the whole process to start over, as permits and ownership of the land have been returned to the previous owner.
Another part of Trump's energy policy appears to include rebuilding the strategic oil reserve.
The latest data shows that the reserve is at 390.4 million tons of oil, which is significantly less than under the previous Trump administration, when the level was typically around 650 million tons.
In addition to prioritizing the oil and gas industry, the Trump administration may work to eliminate tax incentives for electric vehicles.
Previous attempts to scrap these support schemes have met with massive resistance. Among the most persistent opponents are the car brands that have already invested billions of dollars in the development of electric cars in particular.
However, it is expected that the incoming president will focus on reducing spending and winding down measures he considers excessive. Something he has already hired Tesla CEO Elon Musk to look into.
Several of the planned initiatives are likely to require the support of Congress, where Trump's Republicans have a narrow majority in both the Senate and the House of Representatives. The narrow majority may end up making the new oil drilling more difficult for the incoming government.z
It is still unclear how quickly the permits for the new drilling can come through the political landscape in the United States. But it signals a significant shift in the country's energy policy. Looking for new oil fields was banned here in 2018. And oil extraction will be completely banned in 2050.
