Trump’s Return: Experts on What it Means for Mining, Oil/Gas and Clean
With protectionist views and a mandate to “make America great again,” what does another Donald Trump presidency mean for the domestic and international resource sectors?
During his first term in office, Trump focused on deregulation and energy independence, aiming to boost American oil, gas and coal production while rolling back environmental protections.
As he prepares to lead the US for a second time, experts are already speculating that Trump will pursue similar policies, providing support for the mining and energy sectors, but stalling clean energy efforts.
Drill, baby, drill? Oil, gas and mining under Trump
The president-elect is likely to take an “America first” approach to many of his policy decisions. This protectionist approach has been viewed as supportive of the US fossil fuel and mining industries, prioritizing energy independence and economic growth through expanded oil, gas and coal production.
There has also been speculation that he could ease environmental regulations, expedite drilling permits and encourage domestic mining for critical minerals — all of which would help the US resource industry.
Offering insight into how the 47th president may impact the oil and gas sector, Matthew Cunningham, editor at FocusEconomics, said oil prices may get a boost as supply declines and US demand rises.
“On the supply side, Trump could tighten sanctions against oil producers Iran and Venezuela, a strategy he pursued during his last mandate; on the demand side, Trump could scrap regulations and tax credits encouraging the production of electric vehicles (EVs), in turn raising demand for gasoline and therefore crude oil,” he explained.
The Republican Party first used the “drill, baby, drill” mantra in 2008, and during his campaign the president-elect was quick to adopt the idea in his approach to the US oil and gas sector. “Trump is also vocal about wanting to boost domestic crude production, stating if he were ‘a dictator for a day,’ he would use his power ‘for drilling and for closing the border,’ though government policy typically only has a limited impact on US output,” said Cunningham.
Drilling could also refer to mining, a topic Trump has also spoken on during the campaign season. At a July rally in Minnesota, he told the crowd he would repeal a Biden-era 20 year mining ban in the state.
“We will end that ban, in about, what do you think, in about 10 minutes, I would say about 10 to 15 minutes, right Pete?” Trump said, referring to Pete Stauber, Minnesota’s Republican representative.
“Tonight, I pledge to Minnesota miners that when I am reelected, I will reverse the Biden-Harris attack on your way of life and we will turn the Iron Range into a mineral powerhouse like never before,” he added.
Increasing US uranium supply is an issue that has garnered support on both sides of the aisle.
During his previous term in office, Trump called for the creation of a…
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