Industry reports and U.S. Energy Information Administration (EIA) data

Trump Declares National Energy Emergency, Vows to 'Drill Baby Drill' and Reverse Climate Policies

Jan 20, 2025, 05:24 PM

President Donald Trump has declared a national energy emergency, aiming to expand domestic fossil fuel production and reverse climate policies implemented during the Biden administration. The executive order, signed on his first day in office, unlocks new powers to expedite oil and gas development on federal lands and across the full spectrum of the U.S. energy industry. By rolling back regulations and revoking initiatives like the Green New Deal and electric vehicle mandates, Trump intends to boost U.S. energy production, lower costs for consumers, defeat inflation, and increase exports of American energy abroad. He also plans to fill up strategic reserves. In his announcement, he emphasized the importance of tapping into domestic resources, stating, 'We will drill, baby, drill,' and declaring, 'We will be a rich nation again, and it is that liquid gold under our feet that will help to do it.'