Trump Moves To Protect Fracking, US Jobs And Energy Industry
Umer Jamshaid Published November 01, 2020 | 04:00 AM
WASHINGTON (UrduPoint News / Sputnik - 01st November, 2020) US President Donald Trump says he has signed an order to protect the American energy industry and hydraulic fracturing.
"Just signed an order to protect fracking and the oil and gas industry. This means JOBS, low energy bills, and continued AMERICAN ENERGY INDEPENDENCE! Sleepy Joe [Biden] would BAN fracking and destroy American energy jobs! He has NO clue!!," Trump wrote on Twitter on Saturday.
In a memorandum released by the White House on Saturday, Trump said that hydraulic fracturing, also known as fracking, has become "one of the great success stories of our time," opening up new sources of inexpensive and reliable energy and producing more jobs for Americans.
"As a result of new technologies and my Administration's continued push for energy independence, our country recently became a net energy exporter for the first time since 1952, as well as the leading producer of oil and natural gas in the world. We are no longer beholden to foreign countries upon which we had depended for decades for the survival of our way of life," Trump said in his memorandum.
According to an October 2019 report from the Council of Economic Advisers (CEA), mentioned in Trump's memorandum, the use of fracking and other innovations had lowered energy prices thus saving US consumers $203 billion per year, or $2,500 in annual savings for a family of four.
"This memorandum sets forth policies related to protecting American jobs, economic opportunities, and national security by ensuring appropriate support of hydraulic fracturing and other innovative technologies for the use of domestic natural resources, including energy resources. In support of these policies, this memorandum directs certain officials to assess the potential effects of efforts to ban or restrict the use of such technologies," the White House said on Saturday.
Trump stressed in his memorandum that the lower energy prices that are the result of fracking benefit mostly low-income households in the US as they spend a larger share of their income on energy bills.
"The CEA estimated that greater productivity had reduced the domestic price of natural gas by 63 percent as of 2018; had led to a 45 percent decrease in the wholesale price of electricity; and had reduced the global price of oil by 10 percent as of 2019," Trump's Saturday memorandum says.
Trump has been a strong supporter of the oil industry in the United States. This election year he has criticized his Democratic rival Joe Biden of wanting to ban fracking.
In the last presidential debate, Biden said he would not ban fracking if elected, but later mentioned he would eventually like to make a transition from the oil industry to clean energy production.
Related Topics
Recent Stories
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
Earthquake jolts Karachi
Sindh minister orders operation after attack on police in Ghotki
TikTok to fight US ban law in courts
More Stories From Business
-
Mired in crisis, Boeing reports another loss
25 minutes ago -
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
43 minutes ago -
British-Pakistani firm unveils $35 million luxury apartments for overseas Pakistanis in Islamabad
1 hour ago -
European stocks lose momentum after global rally
1 hour ago -
New pulses varieties imperative to cater domestic food requirements: Dr Khalid Hasan
2 hours ago -
CEO KP-EZDMC meets CRBC officials
3 hours ago
-
Pakistan among nine poor countries that produces 90 percent cigarettes for world
3 hours ago -
Chief Minister Gilgit Baltistan Haji Gulbar Khan calls on Minister for Privatisation
3 hours ago -
Germany nudges up growth forecast, ailing economy at 'turning point'
3 hours ago -
Revised UAF budget recommended
3 hours ago -
IDEA, TEVTA organizes Job Fair for youth
3 hours ago -
Massive financial, administrative scam unearthed at SCCI
4 hours ago