US energy policy under Trump

Key takeaways:

– Trump’s energy policy is notably more supportive of the fossil fuel industry compared to the Biden administration. US oil industry will receive a ‘confidence’ boost, however, in the end, it is global market signals that will dictate the growth of US oil production.

– It is likely that some energy decisions made under the Biden administration will be reversed; however, a complete rollback of the previous administration’s climate related targets is unlikely.

– Trump’s stance towards Iran is expected to be harder; under Biden, Iranian oil exports tripled.

– The appointment of Chris Wright, a former oil executive, comes as no surprise, given that Trump, a businessman long before entering politics, has always shown strong affinity for business leaders—evident in his earlier appointment of former ExxonMobil CEO as Secretary of State, though that decision ultimately faced challenges.