Daily Energy Report
Trump's energy emergency?, US-Venezuela oil, US LNG permits, Aramco sees higher demand, Oil majors & electricity, India & US oil, Iran nuclear, China’s wind/solar record,, EU’s EVs, & more.
Charts of the Day: US Oil & Gas Production Are at a Record High! Why is There a National Energy Emergency?
Related News:
Bloomberg: Trump Starts Reshaping US Energy with Focus on Oil and Gas
Reuters: Trump Says to Unleash American Fossil Fuels, Halt Climate Cooperation
Reuters: Trump Orders Suspension of New Offshore Wind Power Leasing
White House: Putting America First in International Environmental Agreements
Summary
On his first day President Trump declared a national energy emergency to fast-track oil and gas projects, reversed Biden-era environmental protections, withdrew from the Paris Agreement, and revoked restrictions on drilling in Alaska and US coastal waters. Trump also aimed to eliminate EV mandates and ease appliance efficiency regulations. He also ordered suspension of new offshore wind power leasing. Legal challenges are expected, and his actions might not lead to a substantial increase in production.
President Trump declared a national energy emergency, despite US oil, gas, and LNG production being at record highs as shown in Figures 1, 2, and 3 (data for the last two months in Figure 1 are estimates). The shale revolution and increased oil production in the Gulf of Mexico (now the Gulf of America) contributed to these record numbers. The declaration of an energy emergency is not related to energy shortages or prices. It addresses serious issues that Congress cannot resolve. Explanation below.