Latest news with #energydominance
Reuters
08-07-2025
- Business
- Reuters
US issues expedited permit for proposed Tennessee coal mine
July 8 (Reuters) - The Trump administration said it permitted a proposed coal mine in Claiborne County, Tennessee on Tuesday under an expedited process aimed at accelerating federal environmental reviews of energy projects. In a statement, the Department of the Interior said it granted approval for Hurricane Creek Mining LLC to mine coal on Bryson Mountain in Claiborne County, Tennessee. The mine will produce up to 1.8 million tons of coal over the next decade, the agency said. The site was previously mined at various times between the 1950s and 2010. The rushed permit is aligned with President Donald Trump's goal to increase coal mining as part of his energy dominance agenda. The project is on private land but under federal law must be permitted by Interior's Office of Surface Mining Reclamation and Enforcement. Hurricane Creek Mining could not immediately be reached for comment. In April, Interior said it would implement an emergency permitting process for energy and mining projects, slashing approval times that typically take months or years to 28 days. The department took another action this week to support coal. Interior's Bureau of Land Management on Monday said it is taking public comment on opening up coal leasing on public lands in the Powder River Basin in Montana and Wyoming. Comments will be taken through August 7 on opening up lands that former President Joe Biden put off-limits to leasing.
Wall Street Journal
07-07-2025
- Business
- Wall Street Journal
A Fossil-Fuel Boom in the Americas
Of all the goals President Trump has set in his norm-shattering second term, the goal of restoring what he calls America's 'energy dominance' may be the closest to realization. Global progress toward what the Biden administration hailed as the energy transition to a net-zero future has been largely derailed, and, as the Journal reported Monday, developments in the U.S.-dominated Western Hemisphere are increasingly shaping global energy markets. The result won't be exactly what Mr. Trump expected. More new oil and gas production is likely to come from Canada, Guyana, Argentina and Brazil than from the U.S. Nevertheless, the geopolitics of energy are shifting in Washington's direction even as fossil fuels appear poised to play a larger role than green climate campaigners hoped. From the Arctic Circle to Tierra del Fuego, politicians of all stripes have embraced the Trumpian rallying cry of 'drill, baby, drill.' In Argentina, President Javier Milei's pro-market government is accelerating the development of shale reserves that some compare favorably with America's Permian Basin. Argentina has the potential to outproduce some members of the Organization of the Petroleum Exporting Countries, and investments in the pipelines and processing facilities necessary to transform the country into a major exporter are proceeding rapidly. In Guyana, offshore rigs are beginning to produce large quantities of oil, with exports up 54% in 2024 to almost 600,000 barrels a day, and are expected nearly to triple by 2030, when daily output capacity is expected to reach about 1.7 million barrels. The new oil wealth has made Guyana's economy one of the fastest growing in the world.
Fox News
02-07-2025
- Politics
- Fox News
Alaska's oil reserves are America's national security shield
At first glance, the unrest in the Middle East, the conflict in Ukraine and a recent Supreme Court ruling might appear to have little in common. But the first two illustrate the way in which American energy dominance – led by the abundant resources of the Last Frontier – can bolster our national security, while the court's ruling provides one way to accelerate development of our natural resources into an energy powerhouse. The recent fluctuations in oil markets arising from Israel's conflict in Iran demonstrate the twin failures of former President Joe Biden's foreign policy and his energy policy. By removing President Donald Trump's "maximum pressure" sanctions on the Iranian regime, Biden gifted the mullahs nearly $200 billion in oil revenue, which they have used to wreak global havoc via proxies like Hamas, Hezbollah and the Houthi rebels in Yemen. The Biden administration had to rely upon Iran and other unsavory foreign regimes to keep supplying the world with oil in large part because of its reckless actions to squelch energy development at home. From canceling leases on Alaska's Coastal Plain – an action ruled unlawful by a federal judge – to blocking access to areas required by federal law, the Biden administration took literally dozens of steps to hinder Alaskans' ability to develop our natural resources for America's benefit. The Biden administration's actions – or, in many cases, its inactions – affected not just policy in the Middle East, but the conflict in Ukraine as well. More development of American resources would have made Europe less dependent upon Russian natural gas, and deprived Vladimir Putin of the oil and gas revenues that continue to fund his regime. President Trump is absolutely right to say that the war in Ukraine would not have started on his watch, because he would not have made America and its allies more reliant on energy from our adversaries. Make no mistake: Energy resources are, and remain, a critical national security issue. The American oil embargo on Japan, which helped precipitate that country's attack on Pearl Harbor in 1941, demonstrated the direct link between access to affordable energy and national security. That's why Democrats' policies and actions that sought to appease the environmental lobby harmed not just our economic growth, but America's global standing. Thankfully, we now have leaders who understand the need for American energy dominance, as expressed in his Day One executive order beginning to undo the harm inflicted by his predecessor. The Supreme Court's recent unanimous ruling scaling back requirements under the National Environmental Policy Act also brought a welcome breath of common sense to the federal permitting process, which should accelerate the development of energy resources – not to mention infrastructure like roads and bridges – nationwide. With proven reserves of 3.4 billion barrels of oil and 125 trillion cubic feet of natural gas, Alaska stands ready to power America's 21st-century energy needs. That energy can create high-paying jobs, grow our economy and improve relationships with our allies. Just as important, by relying on our own energy resources instead of those of foreign dictators, it will make America safer – and help Americans feel more secure.
Reuters
12-06-2025
- Business
- Reuters
Trump's energy dominance agenda could be ravaged by Section 899
LONDON, June 12 - A proposed U.S. tax targeting foreign investors could hurt European energy giants that operate in America's booming oil and gas sector, undermining what President Donald Trump describes as his energy dominance agenda. Trump's sweeping tax and spending bill under review by the Senate includes an additional tax of up to 20% on foreign investors' income, such as dividends and royalties. The tax, known as Section 899, was devised as a pushback against countries that impose what the bill describes as "unfair foreign taxes" on U.S. companies, such as digital services taxes. Section 899 is believed to be targeting companies headquartered in the European Union and Britain, which both have tax systems considered discriminatory by the Trump administration. The provision is a significant threat to London-listed Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab as well as France's TotalEnergies ( opens new tab and Spain's Repsol ( opens new tab, which all have sprawling operations in the United States. Trump, who often used the slogan "drill, baby, drill" in his election campaign, has portrayed himself as pro-fossil fuel, vowing on his first day in office to maximise oil and gas production. But if approved, Section 899 could have the opposite effect. BP last year invested more than $6 billion, about 40% of its capital expenditure, in the United States, where its interests include onshore and offshore oil and gas operations, two refineries, thousands of retail fuel stations and a power trading business. The country is also home to more than a third of BP's global workforce of about 90,000 and accounted for roughly 30% of its 2024 revenue of $189 billion and more than a quarter of its $21 billion net profit. Shell, the biggest European oil major, is also a huge investor in the United States, which accounted for 23% of its 2024 revenue of $284 billion. It invests about 30% of its capital expenditure in the country, where it has oil and gas production facilities, a petrochemicals plant, a vast retail network, liquefied natural gas (LNG) purchasing agreements and major trading operations. The United States became increasingly important to Big Oil companies in recent decades thanks to its stable fiscal and regulatory environment while other regions presented a variety of challenges. Take Russia, for example. Its vast oil and gas resources started attracting investments from many companies in the 1990s after the collapse of the Soviet Union, but the country is now uninvestible owing to western sanctions that followed Russia's invasion of Ukraine in 2022. Similarly, western companies have limited opportunities to invest in the Middle East, where national oil companies dominate. Europe, meanwhile, has limited natural resources and strict environmental regulation. The multinational nature of oil and gas companies means they have plenty of experience dealing with tax uncertainty, but shifting tax policies tend to delay investments. Company boards require long-term confidence to proceed with large, multi-decade capital projects such as oil and gas fields or LNG plants. The industry's confidence in the United States was already shaken under Trump's predecessor, Joe Biden, who in 2020 revoked a construction permit for the Keystone XL pipeline. The Biden administration also paused approvals for new LNG projects in 2024 because of climate concerns. Trump lifted the pause when he entered the White House. According to Section 899, multinational companies could face a new tax on dividends sent overseas and inter-company loans, potentially reducing profit. The Gulf of Mexico accounted for about 10% of Shell's 2024 free cash flow of $40 billion, it said in a presentation. That means that Section 899 could shave $800 million from its free cash flow per year from Gulf of Mexico operations alone. BP made about $1.5 billion in free cash flow in the United States last year, Reuters calculations show. A 20% dividend tax could translate into a $300 million loss in free cash flow. Faced with the worsening fiscal terms, companies could opt to direct funds away from the United States. Though options for deploying capital elsewhere on a similar scale are limited, companies could choose to spread their investments more widely. Such a scenario could be a boon for countries such as Canada, Brazil, Mozambique and Namibia, which have large untapped natural resources. Another option would be for companies to transfer their headquarters and listings to the United States - a costly and politically complicated option. Shell previously contemplated such a move to boost its share value, though it appears to have abandoned the idea. Ultimately, it is very likely that the Senate would push to modify Section 899 or limit its scope, given the potential far-reaching impact on many sectors. But barring a radical change, Section 899 poses a huge risk for European oil and gas giants that are heavily dependent on the United States. Achieving the Trump administration's energy dominance agenda will almost certainly require more foreign investment, not less, so if the CEOs of European energy companies complain loudly enough, the president may well listen to them. The opinions expressed here are those of the author, a columnist for Reuters Enjoying this column? Check out Reuters Open Interest (ROI), opens new tab, your essential new source for global financial commentary. ROI delivers thought-provoking, data-driven analysis. Markets are moving faster than ever. ROI, opens new tab can help you keep up. 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E&E News
11-06-2025
- Business
- E&E News
Trump energy adviser slams renewables, says focus is on fossil fuels
President Donald Trump is a fan of fossil fuels who is determined to boost oil and gas and turn away from renewables — regardless of what some energy executives, fellow Republicans or even Elon Musk have to say on the matter, one of his top energy advisers said Tuesday. 'What I would say is the president is in charge,' said Jarrod Agen, a deputy assistant to the president and executive director of the White House's National Energy Dominance Council, at POLITICO's annual Energy Summit. 'The last thing we want is in the short term to have any problems with the grid,' he added. Advertisement Trump believes that fossil fuels got a 'bad deal' under former President Joe Biden, and the current administration will continue to double down on traditional energy, Agen said. That is despite economic uncertainty brought on during Trump's term that has roiled energy markets.
