ICIS takes a closer look at how key sectors within the US energy industry were shaped by the Obama administration and what the potential market impact could be under the helm of President Donald Trump.
Trump has already started to make his mark in the energy sector, paving the way for the building of two major oil pipelines while promising to revamp the coal and gas industry. In addition, he has started rolling back a series of environmental regulations with campaign promises mainly focused on an increase of US jobs in order to encourage a boost in the sector and the wider economy.
Trump has also promised a doubling of shale oil production, US energy dominance and total independence. However, given US oil break-evens, what approach will cash-hungry cost-conscious oil exploration and production companies take? Could a preference for gas and coal mean the end of the renewables electricity systems? In addition, will there be a ripple effect if the Clean Power Plan gets scrapped?
Regulation might be subject to change and global markets are now closely watching what the US will do next under the newly instated administration.