“Trump will roll back regulations”.
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“Millions of Americans voted for a coal-loving climate denier willing to condemn people around the globe to poverty, starvation and death from climate change”, Benjamin Schreiber, the climate and energy director for Friends of the Earth, said in one of the blizzard of reaction statements distributed by anguished environmental groups on Wednesday.
Uncertainty over Mr. Trump’s foreign policy is another significant wild card for the energy industry.
“We need to see what direction he will take things in”, Briggs said.
“There hasn’t been a clear federal policy on energy for some time, and states have a shared responsibility on energy and environment policy”, Kauffman said in an interview Thursday.
“2014 was the hottest year on record”. Prices, Dismukes said, are determined by the global market; the price “trajectory won’t change” on that because of the election. The Agreement came into force on 4 November 2016 after the United States and many other countries ratified it.
“There will be a screeching halt on regulations, particularly at the EPA”, he said.
Hillary Clinton pledged to continue the policy of the incumbent president, and even stated in May that she is going to “put a lot of coal miners and coal companies out of business”.
But on the federal level, numerous perceived environmental victories under Barack Obama could be undone through executive action alone, and the stalled Clean Power Plan to limit emissions from power plants may never be enacted.
“A Trump administration will focus on real environmental challenges, not the phony ones we’ve been looking at”, he said in a May speech.
But already, Trump’s election has had an impact in the energy business. Without that plan, there could be negative pressure on renewable energy firms after 2020.
“We are looking forward to President Trump doing what he promised, which is to undo numerous onerous regulations that have plagued our industry throughout an Obama presidency”, Harold Hamm, chief executive of oil producer Continental Resources Inc, said in a statement.
It was too early to say how Trump’s policies might affect the global outlook, they added. Legal experts expected the rule to be upheld by the D.C. federal circuit court, but a Trump win makes a legal victory for EPA less important. His campaign said it would end “wasteful” spending related to climate change and save $100 billion.
Now that Trump has become the president-elect, against all odds, the energy sector is anxious to see what will be his actions with that regard. Trump has relied so far on the advice of Harold Hamm, the founder and chief executive officer of Continental Resources Inc., one of America’s largest shale oil producers. “It’s a disgrace”, Trump said during the debate. Those expecting a production cut agreement are losing hope, and prices could once again take a nosedive should OPEC efforts fail.
President Bush was friendly to the oil industry, but production fell during his two terms.
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Some snapshots from financial markets this morning and what to expect today and beyond as the world adjusts after the results of the USA presidential election and President-elect Donald Trump. Though analysts indicate it may be hard for Trump to roll back all renewable energy subsidies, he may be able to unwind numerous Obama administration’s energy proposals; if that’s the case, Renewables’ loss may be Big Oil’s win.
