- The Trump administration is reportedly gearing up to allow for new and expanded drilling for oil and natural gas.
- President-elect Trump could also replenish the Strategic Petroleum Reserve, which has dwindled under President Biden.
- EV tax credits appear to be on the chopping block, despite pleas from automakers.
The second Trump administration continues to take shape and it appears he’s embracing a ‘drill, baby, drill’ philosophy. As part of this effort, the President-elect’s transition team is said to be preparing a program that would allow for new and expanded drilling for oil and liquefied natural gas.
According to sources who talked to Reuters, the program could be rolled out within days of Trump taking office. It would reportedly allow for increased oil drilling on federal property as well as offshore. Permits are expected to be fast tracked and more lucrative areas could be opened up to drilling.
More: Trump Reportedly Wants To Kill $7,500 EV Tax Credit And Tesla Might Be Cool With It
The Keystone XL Pipeline is also said to be on the agenda, but the publication suggests that’s more for show than anything else. As they explained, the project would “need to start from scratch because things like easements have been returned to landowners.”
Another key part of Trump’s agenda could be resupplying the Strategic Petroleum Reserve. As of last week, the government had 390.4 million barrels which is significantly less than the first Trump administration, which typically held around 650 million barrels.
Aside from favoring oil and gas, the Trump administration reportedly wants to eliminate EV tax credits. This isn’t the first time we’ve heard that, but automakers have reportedly been pleading to keep them as they’ve invested billions into electric vehicles. However, the President-elect seems focused on cutting costs and eliminating things he sees as unnecessary.
It remains to be seen how everything will play out, but some aspects will reportedly need Congressional support. This could prove easier said than done as Republicans will only have a narrow majority in the Senate as well as the House of Representatives.
