50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

US oil industry urges Trump to ditch Biden climate policies

Published 13/11/2024, 06:21 am
© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo

By Nichola Groom

(Reuters) -The U.S. oil and gas industry on Tuesday called on President-elect Donald Trump to scrap many of President Joe Biden's policies aimed at fighting climate change, saying the measures threaten jobs, consumer choice and energy security.

The American Petroleum Institute (API), the nation's top oil and gas trade group, urged Trump's incoming administration to do away with vehicle emissions standards meant to move the auto industry to produce more electric vehicles, lift a pause on export permits for liquefied natural gas facilities and work with Congress to repeal a fee on methane emissions from drilling operations, among a range of other actions.

The group unveiled the requests in a policy document shared with the media.

During his campaign, Trump vowed to reverse dozens of environmental rules and policies deemed onerous by oil and gas drillers. Despite stiffer regulations under Biden, who has sought to transition the U.S. economy to clean energy sources, the domestic industry is producing more oil and gas than at any time in history.

"Looking at the results of last week's election, it is clear that energy was on the ballot," API CEO Mike Sommers said on a call with reporters. "Whether it was EV mandates in Michigan or fracking in Pennsylvania, voters across the country and on both sides of the aisle sent a clear message to policymakers that they want an all-of-the-above approach to energy, not government mandates and restrictions."

API sought to rescind California's ability to enact state tailpipe emissions that are stricter than federal rules and to repeal U.S. Environmental Protection Agency clean vehicle rules. It also advocated supporting LNG exports, holding more auctions for oil and gas drilling in the Gulf of Mexico and reversing rules that the group says limits oil and gas development on federal lands. It wants Trump to make it easier to obtain drilling permits via changes to the Clean Water Act and National Environmental Policy Act, and implement tax incentives to infrastructure and overseas investment.

The group unveiled its policy priorities hours after ExxonMobil CEO Darren Woods said at the United Nations COP29 climate summit that the U.S. should not exit the Paris climate agreement as Trump has pledged to do.

"A second U.S. exit from the Paris climate agreement will have profound implications for the United States' efforts to reduce its own emissions and for international efforts to combat climate change," ExxonMobil said in a statement.

The company also advocated for staying in the accord in 2017, before Trump withdrew the nation from the landmark global agreement to fight climate change. Exxon (NYSE:XOM) also supported Biden's decision to rejoin the agreement in 2021.

© Reuters. FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo

API's Sommers, when asked about Woods' comments, said his group was focused on both reducing emissions and meeting the world's energy needs.

"We're going to continue to do that regardless of whether the United States is part of the agreement or not," Sommers said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.