All the rights things are being said. Wonder if he will come through?Donald Trump has a simple formula to get America's energy industry back on its feet: regulate less and start drilling a lot more for oil and gas.
In his first in-depth speech about energy policy, Trump on Thursday promised to make American energy "dominance" a strategic economic and foreign policy goal of the U.S.
"America's incredible energy potential remains untapped. It's a wound that is totally self-inflected," Trump said during a speech at a North Dakota oil industry conference.
Trump, who earlier in the day had secured enough delegates to clinch the GOP nomination, warned that Democratic rival Hillary Clinton will make life tougher for the energy industry.
"This is your treasure and you the American people are entitled to share in the riches," Trump said. The event was live-streamed by ValleyNewsLife.com, the NBC and CBS affiliate for Fargo, N.D.
At least in the short term, Trump's plan would be unlikely to solve all of the energy industry's problems. Oil prices crashed as much as 75% over the past two years because of a supply glut caused by too much U.S. drilling, not by overregulation. The same is true with natural gas, which remains at depressed prices.
Pumping a lot more oil could make the U.S. less reliant on foreign oil, but it may also renew the oversupply problem that only recently has started to recede.
Here's what you need to know about Trump's energy plan:
America first: Trump promised that the U.S. will achieve "complete" independence from foreign sources of oil.
"Imagine a world in which our foes and the oil cartels can no longer use energy as a weapon. Wouldn't that be nice?" Trump said, adding that the U.S. is "loaded" in oil and gas resources.
A key Trump adviser, Rep. Kevin Cramer of North Dakota, has co-sponsored a bill that would create a commission to investigate whether OPEC is manipulating oil prices through anti-competitive behavior.
Regulate less:
http://money.cnn.com/2016/05/26/investing/donald-trump-energy-plan/index.html