During his election campaigns, Trump stressed that he would revise regulations pertaining to coal and petroleum sectors.
He promised to ease restrictions on mining and drilling and support the construction of oil and gas pipelines.
GlobalData's senior oil & gas analyst Will Scargill said: “Domestic energy policy statements during the election campaign suggest a positive outlook for the oil and gas sector.
“This is supported by reports that his adviser Harold Hamm, CEO of Continental Resources, is in the running for Energy Secretary. Trump’s energy plan sets out support for the shale industry and open leasing of federal lands and offshore areas for upstream operations”
To revive the coal sector, Trump promised to cancel all the energy and environmental regulations that weighed on it.
Supporting domestic coal industry could dampen the prospects for natural gas producers though it may provide some room for exports to other markets.
American Petroleum Institute (API) president and CEO Jack Gerard said: “We look forward to working with the new administration on smart energy policies that protect the United States as the global leader in oil and natural gas production, development, and refining, as well as in reducing carbon emissions.
“We are second to no one and we can build on this success by joining together with policies that embrace our nation’s energy renaissance including increased energy production and infrastructure development while rejecting policies that could potentially harm job creation or raise costs on American consumers and businesses.”
Trump said that he would scrap US participation in global fight against climate change. Such a policy change could curtail the pace of clean energy growth.
Will Scargill said: “During the campaign he also noted opposition to environmental regulation including the Paris climate agreement adopted at the COP21 summit, suggesting that the industry will face a reduced regulatory burden under his presidency. “
The Solar Energy Industries Association (SEIA) interim president Tom Kimbis that the solar industry is generating thousands of jobs and billions of dollars in investments across American communities.
