By Jennifer A. Dlouhy and Ari Natter | Bloomberg
Donald Trump’s victory promises to shake up US energy and environmental policy, with sweeping implications for oil production, offshore wind development and electric vehicle sales.
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The win positions Trump to deliver on his campaign pledges to go after climate policies he’s dubbed the “green new scam” while reorienting the federal government toward pumping more crude and building more power plants. Though some efforts would face long odds on Capitol Hill – where many of Trump’s fellow Republicans would oppose a wholesale repeal of the Inflation Reduction Act’s energy and manufacturing tax credits – Trump can use his executive authority to put other changes in motion. Oil and gas companies are set to be prime beneficiaries.
“You are looking at, overall, a ‘drill baby drill’ philosophy,” said Dan Eberhart, chief executive officer of oilfield services company Canary LLC. “You are going to see offshore lease sales, you are going to see pipelines move much quicker, you are going to see fracking on federal lands and a mindset that is focused on lowering energy costs for consumers.”
The prospect of a Trump-era pullback from some policies promoting emission-free energy helped sparked a slide in shares of renewable power firms Wednesday. Clean-energy advocates are already lobbying Republicans to preserve measures that have been key in driving record US investment into the sector and, increasingly, red states.
“They are bringing back US manufacturing and factories, building domestic supply chains, creating good jobs and reducing energy costs in red, purple, and blue states,” said Mindy Lubber, chief executive of the environmental group Ceres.
Here are some of the expected changes:
EVs
Trump has repeatedly promised to end a suite of federal policies that encourage EV sales, and his victory creates an opening for changes as soon as Day One.
A top target is an Environmental Protection Agency regulation limiting tailpipe pollution from cars and light trucks, which has mandates so strict it compels automakers to sell far more electric and plug-in hybrid models over time. Former Trump advisers and energy lobbyists have already drafted language that could be put in an executive order directing the EPA to revisit the rule. A similar effort is being developed to go after Clean Air Act …read more
Source:: The Mercury News – Entertainment
