US President Donald Trump Friday said his administration was
preparing efforts to expand US oil, natural gas and coal production.
"We're preparing bold action to lift the restrictions on American
energy," Trump said during a speech at the Conservative Political
Action Conference, outside Washington.
The 50-minute speech was light on details, with Trump repeating
claims he would boost US fossil fuel production and cut regulation.
Related:
Find more content about Trump's administration in our news and
analysis feature.
While Trump said he supported federal regulations that protect the
environment and worker safety, he suggested that roughly 75% of
those regulations were "repetitive" and "horrible" for business.
While he did not identify specific regulations he was targeting for
repeal, the administration and Congress have already repealed the
Interior Department's Stream Protection Rule, a coal mining
regulation and a US Securities and Exchange Commission regulation
requiring US-traded oil, gas and mining companies to report payments
to foreign governments. The House of Representatives has also passed
a measure to roll back Interior's methane rule, aimed at curbing
venting, flaring and leaking from oil and gas operations on federal
lands. The Senate could vote next week on that measure.
Analysts expect the White House to target a number of regulations
opposed by the domestic oil and gas industry, including limits on
offshore drilling, stricter fuel economy standards and limits on
methane emissions.
During an appearance at CPAC Thursday, White House chief strategist
Steve Bannon indicated that the Trump administration was going to
overhaul the US regulatory system.
"If you look at these Cabinet appointees, they were selected for a
reason," Bannon said. "The way the progressive left runs is, if they
can't get it passed, they're just going to put it in as some
regulation in an agency. That's all going to be deconstructed. And I
think that's why this regulatory thing is so important."
Following Friday's speech, Trump signed an executive order that
requires all federal agencies to set up "regulatory reform" task
forces to "evaluate existing regulations and identify candidates for
repeal or modification."
The order follows a related effort by Trump requiring federal
agencies to eliminate two existing regulations for each new
regulation finalized.
"To hold the task forces accountable, agencies will measure and
report progress in achieving the president's directives," the White
House said Friday in a statement.
Last month, Trump signed memos aimed at increasing the pace of
approving the Keystone XL and Dakota Access crude pipelines and
called for a Commerce Department report on requiring pipelines
within US borders to be made with US steel. "If they want a pipeline
in the United States, they're going to use pipe that's made in the
United States," Trump said Friday at CPAC.
Trump, who is scheduled to give an address to a joint session of
Congress Tuesday, highlighted Friday his priorities while in office
this year, including health care, tax reform and renegotiating trade
deals, including the North American Free Trade Agreement.
--Brian Scheid,
brian.scheid@spglobal.com
--Edited by Valarie Jackson,
valarie.jackson@spglobal.com
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