President Donald Trump was sworn into office on Friday. His speech gave us some insight into his presidency, showing us that Campaign Trump isn’t going to change now that he’s President Trump. The 45th President reiterated his promise to “drain the swamp”, looks poised to build up defense spending again, and signed a bill to remove minimum time limits allowing retired Gen. James Mattis to serve as Defense Secretary. But without any mention of some issues, Trump made his stances clear on them by removing those topics from the White House’s website. One notable absence was Climate Change, which has now been replaced with Trump’s new America First Energy Plan. What can we expect from the new plan?
Here’s Trump’s Energy Plan… In a Nutshell
President Trump has openly stated he does not believe in climate change or global warming. As such, it’s no surprise that he replaced that piece of the White House website with a two page, seven-paragraph outline of his new energy plan. Trump states the new plan will invigorate the economy by creating thousands of jobs while simultaneously making the U.S. less reliant on foreign energy sources. The plan also focuses on eliminating “burdensome” regulations concerning the energy sector.
The new plan suggests stimulating the economy by adding $30 billion in jobs and increased wages over the next seven years by removing restrictions on about which waterways and lands can be drilled. The main restriction lifted would be The Waters of the U.S. Rule, which outlines the waterways under the protection of the EPA and the U.S. Army Corps of Engineers. Supporters of the Waters Rule say it would reduce greenhouse gas to 17% below 2005 levels by 2020. However, critics, including Trump, think it’s a power play by democrats in Washington.
The main focus of the plan will be to embrace fossil fuels. The plan specifically highlights increasing clean coal technology, saying the coal industry has been “hurting too long”. The new plan aims to take advantage of the $50 billion in untapped reserves on federal lands, embracing oil and gas.
So what does this mean for investors?
Here’s a video from Trump’s inaugural speech from Arirang News:
Put simply, the next 4-8 years will be focused on fossil fuels as this country’s primary energy source. This is the perfect time to invest in energy companies, as Trump has clearly made his new plan a priority. Expect the energy sector as a whole to soar.
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