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 positions Trump 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 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 officer of oilfield services company Canary. "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."
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