With Republican candidate Donald Trump winning the US presidential elections despite of polls having been unfavorably inclined against him, S&P Global Platts brings forward information about his plans regarding the energy sector.
According to statements made by Trump during his campaign, his basic agenda is to ease industry regulations and increase the production of fossil fuels- claiming to be ready to put all federal resources to the dispersal of fossil fuel expansion plans.
Trump also intends on boosting infrastructure budget, increase the consumption of inexpensive oils as well as fossil fuels.
Another major factor on Trump's agenda is the scraping of several existing environmental policies, including the Clean Power Plan (kept alive by Barack Obama, in light of climate change) owing to his disagreement with the established notion that environmental degradation is a direct result of human involvement.
The Environmental Protection Agency is said to soon become extinct at the hands of Trump, or revamped with greater concern on clean air and water, according to his energy advisers. Certain steps to be taken in order to implement greenhouse gas performance standards in refineries are also likely to be rejected by Trump, according to S&P Global.
The perks of Trump's energy sector plans include greater offshore production, Clinton's plan having been of limiting offshore production to the Gulf of mexico. His efforts to limit alternate energy sources have the benefit of providing short term increased demand of fossil fuels. Furthermore, Donald Trump also intends to invest more than twice the amount suggested by Clinton for infrastructure in the energy sector, in order to benefit from current low rates. With his first day of assuming office just around the corner, whether or not these promises will be met is not yet to be deciphered, but only to be hoped for.
Source: The Economic Times