|
Despite President Donald Trump's and Interior Secretary Doug Burgum's best efforts to roll back public land protections and slash environmental regulations, oil production increases and corresponding price drops for American consumers have been negligible, according to reporting by the New York Times. Since Trump's executive order to "unleash American energy" and the administration's corresponding policy initiatives, both oil production and gas prices at the pump are similar to those from one year ago.
Oil production has increased slightly to 13.9 million barrels per day, compared with a high of 13.4 million barrels per day during the Biden administration. Nationwide average gasoline prices are essentially unchanged, currently at $3.069 per gallon compared with $3.056 one year ago. Household electricity bills have increased by an average of eleven percent over the past year.
Meanwhile, the oil, gas, and coal industries are projected to receive at least $18 billion in tax breaks and subsidies as a result of Trump administration policies. Individual companies have confirmed to investors that they expect to see hundreds of millions of dollars in tax savings in the near term. However, the tariffs imposed by the Trump administration may discourage further investment in oil and gas drilling, which could impact future profits. An analyst described the first year of the Trump administration as "too confusing to be positive" for most companies.
"The ‘Drill, baby, drill’ agenda has caused a lot of harm to the climate agenda," said David Victor, professor of public policy at the University of California San Diego. "I would say it has generated marginal benefits for the oil and gas industry and had almost no impact on consumers."
|
National parks should be available and accessible to all, or America’s best idea will become America’s greatest shakedown.”
