President Trump’s administration is erasing an Obama-era rule that withdrew hundreds of millions of acres of federally owned land from possible energy exploration. In the process, it is also opening some U.S. coastal waters in the Arctic and Atlantic oceans for possible oil and gas drilling.
Speaking at a Department of Energy event in June, President Trump said, “We don’t want to let other countries take away our sovereignty and tell us what to do and how to do it. It’s not going to happen.”
White House officials say Thursday’s order directing the Bureau of Land Management to speed up the permitting process for oil and gas leases is a step in that direction.
Couple the latest move with last week’s repeal of the Clean Water Rule, and you have what administration officials call “a blueprint for energy dominance.” The Environmental Protection Agency amended the “Waters of the United States” rules that critics called unfair to agribusiness.
When you roll back the regulations, this means you’re saving on your electricity bills, this means price of gasoline is coming down a few cents a gallon, it can really ripple into tremendous economic benefits when that money is being put back into your wallet.