If Donald Trump is elected president, how will it affect the energy industry? The presumptive Republican nominee has said he wants to relax the rules on oil and gas drilling. He would also encourage energy development and cancel the recent multinational agreement to fight climate change. In addition, he says he would revive the Keystone XL pipeline and restore lost jobs in the coal mining industry. But, as The New York Times recently reported, experts say Trump’s energy plan doesn’t add up.
Citing several energy analysts, the Times story notes that his claims on “essentially defy free-market forces.” The experts say his ideas would further wound the already struggling oil market and depress demand for coal to lower levels.
Plus, Trump’s vow to increase oil production runs afoul of the fact that US gas production is already at a historic high. The hefty production levels have resulted in cratering profits and lost jobs.