Department of Energy Proposes Billions in Savings Through Deregulation

The Department of Energy has proposed to eliminate or shrink regulations that it says would result in savings worth $11 billion and stimulate energy industry growth. The department said this was the biggest deregulation push in its history.“While it would normally take years for the Department of Energy to remove just a handful of regulations, the Trump Administration assembled a team working around the clock to reduce costs and deliver results for the American people in just over 110 days,” Energy Secretary Chris Wright said.“Thanks to President Trump’s leadership, we are bringing back common sense -- slashing regulations meant to appease Green New Deal fantasies, restrict consumer choice and increase costs for the American people. Promises made, promises kept,” Wright added.Among the notable changes proposed is the removal of reporting requirements for greenhouse gas emissions and the streamlining the administrative procedures related to natural gas imports and exports. The Department also proposes to axe the renewable energy production incentive along with various water and energy efficiency standards implemented by the previous administration—often to the chagrin of water and energy users across the States.The reversal of the Biden admin’s climate policies and regulations has been a fundamental part of Trump’s plans for his term and he wasted no time in addressing them as soon as he took office. In his first day in office, the president withdrew the United States from the Paris Agreement, just as he had done during his first term, and reversed Biden’s ban on offshore oil and gas drilling in parts of the U.S. continental shelf. That was just the start. In addition to the boost of oil and gas, the Trump administration started cutting off funding for various climate-focused organizations linked to the federal government, and paused all activities related to offshore wind power generation. Some 17 states have filed a lawsuit against the federal government because of the wind ban.By Charles Kennedy for Oilprice.com