Sources say Donald Trump’s transition team is formulating a sweeping energy plan, to be rolled out within days of his inauguration, that would approve export licenses for new liquefied natural gas (LNG) projects and increase oil drilling on US coastal waters and federal lands.
The energy agenda largely reflects promises Trump made during his campaign, but the plan to roll it out on day one ensures oil and gas production will be a pillar of the Trump administration’s early agenda alongside immigration.
Trump also plans to repeal key pieces of Democratic-era climate legislation and regulations, such as the electric vehicle tax credit and new clean power plant standards aimed at phasing out coal and natural gas, sources said.
Trump will also seek to expedite the permitting process for drilling on federal lands and swiftly restart the five-year offshore drilling plan to include more lease sales, sources said.
Trump will seek approval for the Keystone XL pipeline, an environmental flashpoint that was halted after President Biden revoked a key permit on his first day in office.
Trump will also call on Congress for new funding to replenish the Strategic Petroleum Reserve.
Trump is also expected to pressure the International Energy Agency. If it doesn’t shift its stance and lean toward the oil industry, Trump’s advisors suggest the new administration should stop funding it.
Meanwhile, Trump plans to aggressively push liquefied natural gas. A source said, “LNG is a shelved issue and Trump will take a strong stance on it.”
Furthermore, Trump will seek to accelerate drilling on US coasts and federal lands. According to federal data, the average time to complete drilling permits on federal and Native American lands was 258 days during Biden’s first three years, up from 172 days during Trump’s four years in office. Sources say Trump is expected to speed up the approval of pending permits, hold sales more frequently, and offer land with a higher likelihood of producing oil.
