financetom
Economy
financetom
/
Economy
/
Trump will declare 'national energy emergency,' incoming administration official says
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Trump will declare 'national energy emergency,' incoming administration official says
Jan 20, 2025 7:23 AM

By Andrea Shalal and David Lawder

WASHINGTON (Reuters) - President-elect Donald Trump will sign an executive order declaring a national energy emergency aimed at "unleashing affordable and reliable American energy," an official with the incoming White House said on Monday.

Trump, who vowed during his campaign to "drill, baby, drill," will also sign an executive order focused on Alaska, the official said, adding that the state was critical to U.S. national security and could allow exports of LNG to other parts of the United States and allies.

No details were provided for either measure, but the official said Trump's orders would cut "the red tape and the burden and regulations" to boost U.S. energy production and lower costs for American consumers.

The official said there was no specific target for the oil price, adding that the Trump administration aimed to ensure an abundance of American energy that would allow prices to drop.

The energy order would also seek to reverse efforts by the outgoing Biden administration to encourage development of electric vehicles and set requirements for energy efficiency of common household appliances, the official said, without providing any details.

On the Alaska initiative, the official said Trump would take "decisive action to unleash Alaska's natural resource potential," citing an abundance of resources such as oil and gas, seafood, timber and critical minerals. No further details were provided, but the official said past regulations by the Interior and Agriculture departments had limited Alaska's production.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Philadelphia Fed Regional Nonmanufacturing Activity Index Indicates Slower Contraction in July
Philadelphia Fed Regional Nonmanufacturing Activity Index Indicates Slower Contraction in July
Jul 22, 2025
08:48 AM EDT, 07/22/2025 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index rose to minus 10.3 in July from minus 25.0 in the previous month, indicating a slower pace of contraction in the sector. The readings for new orders, sales, prices and employment all increased in the month. The six-month outlooks at the regional level increased,...
US Treasury chief: No need for Fed's Powell to step down right now
US Treasury chief: No need for Fed's Powell to step down right now
Jul 22, 2025
WASHINGTON (Reuters) -There is no need for U.S. Federal Reserve Chair Jerome Powell to immediately step down, Treasury Secretary Scott Bessent said on Tuesday, adding that the Fed chief's legacy should be to right-size the central bank's non-monetary policy functions. Bessent's comments in an interview on Fox Business Network come a day after he called on the U.S. central bank...
US Treasury chief: No need for Fed's Powell to step down right now
US Treasury chief: No need for Fed's Powell to step down right now
Jul 22, 2025
WASHINGTON (Reuters) -There is no need for U.S. Federal Reserve Chair Jerome Powell to immediately step down, Treasury Secretary Scott Bessent said on Tuesday, adding that the Fed chief's legacy should be to right-size the central bank's non-monetary policy functions. Bessent's comments in an interview on Fox Business Network come a day after he called on the U.S. central bank...
Fed's Bowman: Fed independence is very important with respect to monetary policy-CNBC
Fed's Bowman: Fed independence is very important with respect to monetary policy-CNBC
Jul 22, 2025
(Reuters) -Federal Reserve Vice Chair for Supervision Michelle Bowman on Tuesday said the central bank's ability to set monetary policy without political interference is very important. It's very important ... that we maintain our independence with respect to monetary policy, Bowman said in a CNBC interview ahead of a day-long conference she is hosting at the Fed on bank regulation....
Copyright 2023-2026 - www.financetom.com All Rights Reserved