A new survey shows U.S. energy companies are looking forward to his return, driven by President-elect Donald Trump’s promise to “drill, baby, drill” in his next administration.
Mr. Trump has repeatedly vowed to free up U.S. oil and has made achieving “energy dominance” a key aspect of the incoming administration’s agenda. Reply to anonymous investigation In a survey conducted by the Dallas Fed, several energy executives said they were optimistic about the former president’s return, and many cited “positive regulatory changes” in their responses.
The survey noted a dramatic drop in the Outlook Uncertainty Index, with one respondent explaining that “the outcome of the 2024 presidential election will remove the risk of uncertainty.”
(Photo by David McNew/Getty Images)
One respondent wrote, “There is more optimism about Q1 2025 than Q1 2024.” “Much of 2024 has felt like a waiting game…The election results will have a positive impact on activity, if only because carriers and service companies have a clearer direction in their plans. We believe that we will give.”
“We look forward to the new administration in Washington, D.C. enacting aggressive regulatory changes to U.S. offshore drilling,” another wrote.
While Presidents Joe Biden and Trump have vastly different approaches to domestic energy policy, one survey respondent said the changing political climate is likely to change the political climate, given that President Trump is likely to reduce regulatory burdens on oil companies. argued that it would be “beneficial from a regulatory standpoint.” For this reason, many energy company executives have criticized Biden’s energy policy.
From his first day in office, Biden has led a massive push to curb greenhouse gas emissions as part of his signature climate plan. Biden introduced the Inflation Control Act in 2022, which set aside hundreds of billions of dollars in subsidies for various green energy projects. President Trump has vowed to redirect unspent funds from the IRA and previously called the climate change law “the new green scam.”
More recently, Biden has considered a permanent ban on additional offshore drilling in some federal waters ahead of Trump’s return to office, potentially aiming to undermine the president-elect’s energy plans. A report surfaced.
“Recent election results are changing the outlook,” one respondent wrote. “The new administration will remove regulations and stop the slump.” [subsidizing] Explore LNG expansion to develop green energy and increase demand for natural gas. ”
On the campaign trail for the 2024 election, President Trump pledged to reform the U.S. energy sector and repeatedly promised “drills, baby drills” to increase domestic oil and gas production. (Related article: ‘Incredibly unpopular’: Blue states prepare to clear-cut hundreds of acres of forest for solar panels)
“We expect the new administration to encourage further development of oil and gas projects,” one survey respondent wrote.
In November, President Trump nominated North Dakota Governor Doug Burgum to be secretary of the Interior and chairman of the new National Energy Council. The president-elect praised Mr. Burgum as follows: post He wrote for Truth Social and said he would play a key role in overseeing “America’s path to energy dominance.”
Additionally, President Trump announced that he will nominate Liberty Energy CEO Chris Wright to head the Department of Energy and to serve on the New Energy Council in November 2024. The president-elect told True Social magazine: post Wright is a “bold advocate of bringing rational thinking to the energy conversation.”
The Dallas Fed survey data was collected from Dec. 11 to Dec. 19 and includes respondents from 134 energy companies.
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