David Blackmon: Trump Is the Most Significant Energy President in US History

Trump’s Impact on Energy Policy

Eight months after his second term began, many argue that President Donald Trump may be the most significant energy president in U.S. history. Recent international developments seem to support this perspective.

Patrick Tiannan, the CEO of London’s Neuroids, acknowledged a notable shift in energy and climate policy during Trump’s presidency. Recently, he announced that the net-zero policy inaugurated by Trump’s predecessor is being scrapped.

The former CEO of Lloyd’s, John Neil, implemented a mandate for participants in Lloyd’s insurance market to withdraw by 2030 from any energy projects that do not align with the 2016 Paris Climate Agreement.

Tiannan emphasized the need for Lloyd to remain impartial, stating, “It’s crucial for us to operate under various jurisdictions with different targets.” This clear shift in direction reflects the overarching changes that have been occurring in U.S. policies over the past 40 months and may continue for years to come. Trump’s policies have notably reshaped the U.S. energy landscape since he took office.

This decision by Lloyd is not an isolated incident; major changes are surfacing across the industry. For example, Shell revealed plans to abandon its biofuel project in Rotterdam, as recent assessments showed it had become uncompetitive in a fast-evolving market.

In light of shifting net-zero ambitions, companies like Shell and BP are significantly increasing their investments in renewable energy and expanding their operations in oil and gas to better compete with U.S. giants like ExxonMobil and Chevron. BP, in particular, seems to be struggling to regain lost ground.

The changes are also affecting wind developers, especially those owned by foreign governments. For instance, Denmark’s Orsted has encountered difficulty in attracting investors for its U.S. offshore projects, and it has pursued a substantial rights issue that represents a large portion of its market value.

Furthermore, Trump’s policy alterations have reverberated through the international banking sector. The net-zero banking alliance recently faced a suspension of operations, leading many to speculate on its future viability.

Clearly, these dramatic shifts signify a broader change in U.S. policy, with the country’s considerable economy and consumer market impacting global events. The influence becomes even more pronounced with a president who understands leverage and is willing to use it.