Oil industry analysts expect President-elect Donald Trump to slash restrictions on oil and gas activity, in turn allowing for expansion and innovation. However, an increase in federal royalty rates could push some projects past the tipping point of being economic, regardless of the technology. The U.S. Energy Information Administration (EIA) released its latest monthly report Tuesday showing that the nation’s crude production increased by about 1 million barrels per day (bpd) from April through June of this year. Trump has talked about “unleashing” fossil fuel development, but undoing previously existing or pending regulations is easier said than done. Under Obama, the US fossil fuel industry has been driven to become more efficient and emit less greenhouse gases, but improvements have been driven in large part by a slump in oil prices.
Oil industry analysts expect President-elect Donald Trump to slash restrictions on oil and gas activity, in turn allowing for expansion and innovation. The U.S. Energy Information Administration (EIA) released its latest monthly report Tuesday showing that the nation’s crude production increased by about 1 million barrels per day (bpd) from April through June of this year. Trump has talked about “unleashing” fossil fuel development, but undoing previously existing or pending regulations is easier said than done. Under Obama, the US fossil fuel industry has been driven to become more efficient and emit less greenhouse gases, but improvements have been driven in large part by a slump in oil prices.