Last week, President Trump further paved the way for the U.S. to become a dominant energy force in the global market, thereby benefitting the oil and gas industry in the near term and in the long game. On April 10, President Trump signed two executive orders designed to spur the growth of the country's energy infrastructure and to encourage further economic growth through abundant energy resources. Touting the country's capacity to produce ample amounts of natural gas and the innovative projects created and conducted by producers, President Trump stated that he wants to ensure that the U.S. has the tools to unlock its true energy potential and to ensure that its producers can route their much-needed products to end users in vital markets.
The executive orders also called for: (1) efficient permitting processes and procedures (across state borders) that employ single-point accountability and avoid duplicative bureaucratic review; (2) regulations that reflect best practices and best available technologies; (3) timely action on infrastructure projects that advance U.S. interests and the ability to participate in global markets; (4) effective stewardship of natural resources; and (5) support for effective ingenuity, the free market, and capitalism. The orders also relaxed certain requirements of the Clean Water Act and encouraged effective safety regulations for liquefied natural gas facilities.
Key Takeaways
President Trump's continued regulatory rollbacks will create jobs, allow the oil and gas industry to provide access to affordable domestic energy resources, and stimulate economic growth for the industry and for the country. The industry will also now be able to execute long-awaited capital projects to extract natural resources from the ground. In addition, critical infrastructure, such as the Keystone XL and Dakota Access pipelines, will be able to proceed without any governmental hurdles. The Fact Sheet about the executive orders can be found here.
