Energy Council Formation
President-elect announces the creation of a National Energy Council, aimed at establishing American "energy dominance" globally, with a focus on increasing oil and gas drilling.
The council, to be led by North Dakota Gov. , will have extensive authority over federal energy agencies, emphasizing reduced regulations and enhanced private sector investment.
Challenges and Criticisms
Critics argue Trump's energy dominance initiative may face practical limitations, such as the current record U.S. oil production levels and the inability to compel companies to drill more oil.
Potential 25% import tariffs on Canadian and Mexican oil, key U.S. import sources, could complicate efforts to lower U.S. oil prices and boost supply, with industry leaders warning of negative impacts on prices and national security.