A survey by the Federal Reserve Bank of Dallas reveals that U.S. energy executives are optimistic about faster permitting for drilling on federal lands under President-elect Donald Trump. Trump's pro-business and pro-fossil-fuel stance is seen as a catalyst for increased activity and a brighter outlook for the industry.
U.S. energy executives expect faster permitting times for drilling on federal lands under President-elect Donald Trump , according to a Federal Reserve Bank of Dallas survey released on Thursday. The overall outlook brightened and activity levels increased while uncertainty declined in the final quarter of 2024, according to a December survey of 134 energy firms in Texas, Louisiana and New Mexico.
Trump has vowed to lower gasoline prices and speed up permitting for energy projects under his 'drill, baby drill' campaign mantra. A third of executives polled said they think the permitting process will become significantly faster over the next four years. 'We are anticipating that regulatory compliance issues will decrease, primarily due to an incoming administration that is pro-business and pro-fossil-fuel production,' said one exploration and production (E&P) firm executive who was not identified by the Dallas Fed. Trump's transition team is set to quickly roll out a wide-ranging energy package that includes the approval of export permits for new liquefied natural gas (LNG) projects and increased federal land and sea oil drilling. 'The new administration will lift regulations, stop subsidizing green energy and seek LNG build-outs to place more demand on natural gas,' another E&P executive told pollsters. The new administration could benefit hard-hit oilfield services firms, some executives said, citing a fresh bout of optimism for the first quarter of 2025. The survey showed a wide gap between large and small producers in plans to tackle greenhouse gas emissions. Nearly two-thirds of larger firms indicated plans to cut methane and 86% to reduce the burning of unwanted gas. In comparison, just 29% of smaller firms have plans to reduce methane and only 14% plant to reduce flaring, the report showed.Weak natural gas prices continued to pressure some exploration and production firms in the fourth quarter, executives sai
ENERGY DRILLING PERMITTING TRUMP ECONOMY
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