On Monday, President Trump issued a set of energy policy directives aimed at combating inflation, which surged 22% during former President Biden’s tenure. Trump emphasized that addressing energy policy was key to stabilizing the economy.

“The biggest thing and factor for inflation is energy. They screwed up my energy policy,” Trump, 78, said during a 47-minute news conference in the Oval Office, held just hours after he was inaugurated.

“We’re going to make a lot of money from energy. We have more than anybody else,” he added, underscoring his administration’s plans to revitalize the energy sector.

As part of his initial actions, Trump declared a national emergency on energy. This move, according to a senior official, is designed to unlock “different authorities that will enable our nation to quickly build again, to produce more natural resources.”

Another directive signed by Trump reverses restrictions imposed under Biden, particularly on oil drilling in Alaska. This includes undoing Biden’s 2023 decision to prohibit drilling in the Arctic Ocean and his more recent ban on drilling along the US coastline, including in the Bering Sea.

The order, which Trump signed as his aides looked on, is intended to “unleash Alaska’s potential as an energy reservoir for the entire nation,” one of his advisers said.

During his inaugural address earlier in the day, Trump pledged to dismantle excessive regulations and ramp up energy production, promising a revitalization of the economy. He called this vision a pathway to a “golden age of America.”

Although energy policies are central to Trump’s agenda, he also issued an executive order directing federal agencies to adopt a comprehensive approach to addressing rising costs of living. Under this directive, the assistant to the president for economic policy is required to provide updates every 30 days on efforts to reduce inflation.

The order also outlined goals to lower the prices of essentials such as housing and food.

In another significant move, Trump rescinded a policy mandating that half of all vehicles produced by automakers be electric by 2030. He has frequently criticized this initiative, arguing it increases expenses and limits consumer options.

Trump also announced the withdrawal of the United States from the Paris Climate Agreement, citing what he described as an inequitable framework that demanded greater emissions reductions from the US than from countries like China.

Moreover, he instructed federal agencies to pause any new regulations until his administration has had an opportunity to review them. Many senior positions within his administration are still awaiting Senate confirmation, but once his team is fully in place, Trump plans to roll out additional measures to limit federal oversight.

As part of his broader strategy, Trump created the Department of Government Efficiency (DOGE) through an executive action. Despite its name, DOGE will not function as a formal government department.

Elon Musk, the tech entrepreneur, has been tapped to lead the initiative. Musk has argued that DOGE will stimulate economic growth by cutting down on governmental waste and inefficiencies.

However, Trump’s advisers stressed that revising Biden’s energy policies remains the top priority for jumpstarting the economy.

“The president is taking these actions as soon as possible here on day one, so that we can lower prices as soon as possible for the American people,” a White House official explained.

{Matzav.com}