Donald Trump promised in his speech yesterday at the Shale Insight Conference in Pittsburgh, Pennsylvania, an America-first energy policy that will deliver jobs, create wealth, and lower energy prices.
Energy policy is a main pillar of Trump’s economic plan that he says will result in GDP growth of 3.5 percent and 25 million new jobs over 10 years.
After addressing the recent violence and social unrest in Charlotte, North Carolina, Trump pivoted to describe how his energy plan will generate economic prosperity and make “America wealthy again” and help those in poverty.
“Producing more American energy is a central part of my plan to making America wealthy again, especially for the poorest Americans.”
Central to Trump’s plan is allowing development of “a treasure trove of untapped energy,” of oil and natural gas reserves on federal lands that he said are estimated to be worth $50 trillion and “hundreds of years of coal energy reserves.”
Citing a study published by The Institute for Energy Research, Trump said the estimated economic impact of tapping into the US energy reserves would:
- increase GDP by more than $100 billion annually;
- create 500,000 new jobs annually;
- increase annual wages by $30 billion over the next 7 years;
- generate $6 trillion in new tax revenue over forty years; and
- generate more than $20 trillion in additional economic activity over forty years.
Trump also emphasized his intention to address economically harmful regulations that are holding back energy development. He promised to streamline the permitting process for shale drillers and energy infrastructure.
Trump drew a sharp contrast with Democrat presidential nominee Hillary Clinton regarding regulations.
He said Clinton would institute “massive new regulations” resulting in an “aggressive restriction of American energy production.” The winners of Clinton’s energy policy are her special interest donors that “benefit from a rigged system.”
Trump reminded conference attendees of Clinton’s previous comments about the fossil fuel industry, specifically her statements about the coal industry and hydraulic fracturing. He mentioned Clinton wants to put coal miners out of work and to ban hydraulic fracking in most places, as well as her plans to restrict energy development on offshore and public lands.
Recognizing the importance of energy policy as a campaign issue, especially in crucial swing states, Trump said Clinton’s energy policy would be economically harmful for Colorado, Ohio, Pennsylvania, Virginia, and West Virginia.
Trump summarized Hillary Clinton’s energy policy as a “war on energy” that would “cost our economy $5 trillion” and negatively impact the energy industry that supports 10 million jobs.
Regulatory reform is a key strategy in Trump’s energy plan. Trump said regulations cost the economy $2 trillion annually, and he would institute a major overhaul to reduce its burden on industry.
Trump promises to eliminate unnecessary regulations and place “a temporary moratorium on new regulations not compelled by Congress or public safety.”
The coal industry would be a big winner under his energy plan. Trump made a commitment to end the “war on coal” and coal miners by promising to stop the Interior Department’s Stream Protection Rule, “scrap the $5 trillion climate action plan,” and stop EPA’s Clean Power Plan that raises electricity prices “without any measurable improvement in climate whatsoever.”
Finally, Trump mentioned a number of energy infrastructure projects that are being blocked or held up by regulators including an $850 billion coal export project in Washington, a $3 billion natural gas pipeline in the North East, and a $6.8 billion liquid natural gas export facility.
Trump’s energy policy stands in sharp contrast to Clinton’s, and it could help deliver working-class voters including steel workers in the critically important states such as Pennsylvania.
Dr. Tom Borelli is a contributor to Conservative Review. As a columnist he has written for Townhall.com, The Washington Times, Newsmax magazine, and also hosts radio programs on SiriusXM Patriot with his wife Deneen Borelli. Dr. Borelli has appeared on numerous television programs on Newsmax TV, Fox News, Fox Business and TheBlaze.
This article originally appeared on ConservativeReview.com.
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