In an exclusive interview with Bloomberg Businessweek, former President Donald Trump pledged to increase U.S. domestic oil production and roll back regulations to facilitate this expansion. The interview, conducted at Mar-a-Lago in late June, comes amid Trump’s campaign for another presidential term and follows an assassination attempt just two weeks ago.
Trump emphasized the need for lower energy costs, highlighting America’s abundant energy resources as a key advantage. “We have more liquid gold than anybody,” Trump stated, referring to the vast oil reserves. He criticized renewable energy sources like wind and solar, labeling them as expensive and inefficient compared to traditional energy forms.
Trump indicated his administration would focus on bolstering American oil and gas production, aiming to reverse many of President Biden’s energy and climate policies. These include methane regulations, the pause on new LNG export permits, EV mandates, federal oil and gas leasing restrictions, and parts of the Inflation Reduction Act (IRA).
However, reversing the IRA would require a Republican-controlled Congress, making it a challenging task even with GOP majorities. Trump’s choice of Ohio Senator J.D. Vance as his running mate reinforces the campaign’s commitment to fossil fuels over clean energy, suggesting a potential shift in U.S. energy policy if Trump is re-elected.
