EconomyPolitics Trump is preparing a sweeping plan to strengthen the US’ role in the global hydrocarbon market. Wednesday, November 27, 2024

Donald Trump’s transition team is preparing a package of large-scale energy measures that will be presented within days of his inauguration. The package will include approving export permits for new liquefied natural gas (LNG) projects and increasing and accelerating the volume of oil drilling off the US coast and on federal lands, Reuters notes. Many of the plan’s elements will require time to pass through Congress or the country’s regulatory system. Trump has promised to declare an energy emergency on his first day in office, allowing him to bypass these barriers and implement certain changes on an accelerated schedule. The US is the world’s largest producer of natural gas, and in 2022 became the world’s largest exporter of LNG. Biden’s Department of the Interior has approved more permits for drilling onshore oil wells than the first Trump administration. Oil production on federal lands and waters reached a record high in 2023, and gas production reached its highest mark since 2016.