Factbox-Trump’s powerful actions on his first day By Reuters

Written by Jarrett Renshaw

(Reuters) – U.S. President Donald Trump issued a series of orders within hours of his inauguration on Monday aimed at boosting existing oil and gas production. in that country and undercut former President Joe Biden’s climate plan.

Here are some of the actions Trump took on his first day:

SERVICE ASSISTANT

Trump has declared a national energy emergency, which is intended to give him the power to reduce environmental restrictions on electricity projects and projects and to facilitate the approval of new transmission and pipeline constructions.

“It allows you to do whatever you have to do to get ahead of that problem,” Trump told reporters as he signed the order. “And we have that kind of emergency.”

Earlier in the day, he explained the reason for the announcement: “Inflationary problems are caused by overspending and the increase in energy prices, and that is why today I will announce the situation again. the emergency of the country. We will drill baby, drill.

He previously stated that the increased demand for electricity from the technology industry, especially to power artificial intelligence, requires a major change in the grid.

CONFIDENCE

Trump has ordered the US to resume processing export permit applications from new projects feeding Asia and Europe, reversing Biden’s early 2024 pause to study the effects environmental and economic aspects of imports.

US imports of super-cooling fuel hit a record in 2023 and the country is the largest exporter of the product in the world. But the suspension of new export permits created uncertainty for many projects in progress.

Louisiana plants awaiting approval include Commonwealth LNG, Venture Global’s CP2, Cheniere Energy’s (NYSE: ) expansion of its Sabine Pass facility and. Power Transfer (NYSE:)’s Lake Charles. In Texas, the second phase of Sempra’s Port Arthur LNG project is awaiting approval.

HAPPY PARIS

Trump has ordered the US to withdraw from the Paris climate accord, an international agreement to combat climate change, repeating a move he made during his first term.

Trump has called climate change a lie, and says the deal puts the United States at a competitive disadvantage against environmental rivals like China.

“I am immediately withdrawing from the unfair, one-sided Paris climate agreement,” he said. “The United States will not destroy our industries while China pollutes with impunity.”

LEAVE THE MINE

Trump has suspended new foreign wind leases pending an environmental and economic review, saying wind tunnels are bad, expensive and harm wildlife.

“We can’t do the spiritual thing,” he said.

A press release from the White House said that Trump has issued an executive order to freeze offshore wind leases in all areas of the US outer shelf pending an environmental and economic review.

The order is not expected to affect existing US offshore wind projects being developed by companies including Orsted (CSE: ), Avangrid (NYSE: ), Copenhagen Infrastructure Partners, and Dominion.

Biden saw wind power as a key part of his plan to decarbonize the energy sector.

EV STICKS

Trump took aim at electric cars, canceling a 2021 executive order signed by Biden that sought to ensure that half of all new cars sold in the United States by 2030 were electric.

Biden’s 50% goal, which was not legally binding, had won the support of US and foreign automakers.

Trump said the executive order halts the allocation of unused federal funds for car charging stations from a $5 billion fund, calling for an end to the authorization for states to adopt zero-emission vehicle laws. in 2035 and said his administration would consider eliminating EV tax credits. .

SAY, BABY, SAY

Trump has signed an executive order overturning Biden’s efforts to ban oil drilling in the Arctic and along major US coastal areas, according to the White House.

Trump also rescinded a 2023 memo that banned oil drilling in 16 million hectares (6.5 million acres) of the Arctic, the White House announced.

It is unclear whether the moves will be enough to attract large drillers, who have left the area in recent years due to high development costs.

Biden this month blocked new oil and gas development off many US coasts before Trump took office.

REFILL STOCKPILE

Trump said he intends to fill policy resources “to the top”.

It’s probably a reference to the US Strategic Petroleum Reserve, a national stockpile of , created as a buffer against supply shocks.

After the invasion of Ukraine, Biden had sold more than 180 million barrels of crude oil in storage, a record amount.

The hikes helped keep gasoline prices low, but they lowered inventories to their lowest level in 40 years.

“We’re going to lower prices, replenish our strategic reserves, to the max, and send American power around the world,” Trump said.

He will likely look to Republican lawmakers to give him more money to buy oil in the coming weeks.