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“American energy Dominance”, of which US president Donald Trump likes to rave about public appearances. He’s been doing everything for a year. Last spring, Trump approved construction of controversial oil pipeline Keystone XL, which runs from Canada to Gulf of Mexico and pumps 830,000 barrels of oil per day. This January, government announced that it would release coastal regions of country for oil and fuel recovery. The five-year plan plans to open more than 400 million hectares for drilling. 45 billion barrels are to be stored re according to estimates by responsible Bureau of Ocean Energy Management.
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Even in Antarctica and along Atlantic coast, Trump wants to see drilling. Up to now six percent of areas have been released for drilling. Trump wants to increase number to 90 percent. He also wants to collect strict security demands: higher standards, which have been in force since explosion of Deepwater Horizon 2010 Drilling platform, are to be driven back after government’s presentation.
Trump even goes on an international tour for his America-first strategy: Last summer he visited his Polish counterpart, Andrzej Duda, to persuade Poland not to have a decades-old supply contract with Russian state group Gazprom to renew. Never again should Poland become “hostage” of a single provider. Six months later, government in Warsaw has now decided to abandon Gazprom from year 2022. For first time since end of Second World War, natural gas, oil and coal are to come from USA and no longer from Russia.
Trump, man of oil. It is complete departure from policy of his predecessor. Barack Obama, too, initially wanted to significantly expand drilling ahead of US coasts. After Deepwater-horizon accident in year 2010 he dropped idea though. In year 2015 he also stopped construction of Keystone pipeline and tried to preserve his political heritage: in last weeks of his tenure, Obama banned by decree drilling in large parts of Antarctica and Atlantic coast.
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The new fossil-first strategy may give applause to Trump’s constituents, especially in states of North Dakota. But economists and energy experts are extremely skeptical about new, additional quantities of oil that are to be marketed. The energy industry is in an untimely phase. It is only slowly recovering from a long-nhaltenden crisis on oil market, in which price had fallen short even to below $30 per barrel. The price war in oil cartel OPEC has driven some states to brink of bankruptcy. Finally, prices have stabilized again, barrel costs for first time since 2014 again more than 70 dollars.
In markets, however, re is a great concern that excessive and rapid increases in production will slow down still weak recovery, especially as reserves are still large. This could lead to a situation in which, as four years ago, a flood of American oil has led to a massive surplus and prices have collapsed, International Energy Agency warns.
