Daily Management Review

Trump to speak for America's dominance in the energy sector


06/26/2017


President of the United States Donald Trump intends to call for an increase in the export of oil and natural gas from the US during the Energy Week in order to emphasize strengthening of the country's position in this industry, Bloomberg reports citing sources in the White House.



Gage Skidmore
Gage Skidmore
President also plans to emphasize that after decades of dependence on imported energy resources, the United States is on the verge of becoming a net exporter of oil, gas, coal and other energy resources.

The Energy Week, like previous events of this nature, is called upon to draw attention to the priority areas of Trump's domestic policy and to distract from themes that are unpleasant for the White House, such as the investigation of Russia's interference in the 2016 elections.

During the "Energy Week" Trump will return to a familiar territory: he has already attracted attention to the coal, oil and gas industries. Trump's first major political speech during the campaign was focused on his plans to develop domestic energy production. This issue was also the main focus of attention during the first five months of Trump's work, when he advocated the abolition of a number of restrictions on the production and consumption of fossil fuels.

On Thursday, the US president intends to address the Ministry of Energy with a speech focused almost exclusively on energy exports. According to the agency’s sources, Trump in his speech will describe how the sale of natural gas, oil and coal abroad will help strengthen the country's international influence, revive relations with its allies and help stabilize world markets. Energy Minister Rick Perry may address the same topics on Tuesday at a conference of the Energy Information Administration (EIA).

Export orientation is one of the priorities of Trump's policy, along with the reduction of the trade deficit, the restoration of heavy industry and the modernization of infrastructure, said Benjamin Salisbury, senior energy and natural resources analyst at FBR & Co. The Trump administration seems to appreciate the synergy between extractive industries and industrial production, he added.

As reported earlier, in December 2015, Barack Obama, who at that time held the post of President of the United States, signed a law that implies abolition of a 40-year embargo on the export of crude oil. Since then, the US has exported more than 157 million barrels of crude oil to foreign countries, in addition to Canada, which was subject to a ban on exports. 

source: bloomberg.com






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