From oil to EVs, here's what a Trump victory means for energy
Donald Trump’s victory promises to shake up U.S. energy and environmental policy, with sweeping implications for oil production, offshore wind development and electric vehicle sales.
The win empowers him to deliver on his campaign pledges to go after climate policies he’s dubbed the “green new scam” while reorienting the federal government toward pumping more crude and building more power plants. Though some efforts would face long odds on Capitol Hill – where many of Trump’s fellow Republicans would oppose a wholesale repeal of the Inflation Reduction Act’s (IRA) energy and manufacturing tax credits — Trump can use his executive authority to put other changes in motion. Oil and gas companies are set to be prime beneficiaries.
“You are looking at, overall, a ‘drill baby drill’ philosophy,” said Dan Eberhart, chief executive of oilfield services company Canary LLC. “You are going to see offshore lease sales, you are going to see pipelines move much quicker, you are going to see fracking on federal lands and a mindset that is focused on lowering energy costs for consumers.”
Here are some of the expected changes:
Trump has repeatedly promised to end a suite of federal policies that encourage EV sales, and his victory creates an opening for changes as soon as Day One.
A top target is an Environmental Protection Agency (EPA) regulation limiting tailpipe pollution from cars and light trucks, which has mandates so strict it compels automakers to sell far more electric and plug-in hybrid models over time. Former Trump advisers and energy lobbyists have already drafted language that could be put in an executive order directing the EPA to revisit the rule. A similar effort is being developed to go after Clean Air Act waivers that
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