President Donald Trump touts energy plans in his inauguration speech

President Trump On Monday, he outlined his administration’s plans to take action to support the energy industry and reduce inflation in his inaugural address to the nation.

“I will direct all members of my Cabinet to muster the broad powers available to them to defeat record inflation and quickly reduce costs and prices,” Trump said in his speech.

Trump pointed Aaliyah out Energy prices As one of the main drivers of the inflationary cycle that has caused prices throughout the US economy to rise by about 20% over the past four years. He said he intends to declare a national energy emergency and will use it to facilitate more domestic production.

“The inflation crisis is caused by excessive spending and escalating energy prices. That is why today I will also declare a national energy emergency. We will dig, baby, we will drill,” he said.

President Donald Trump and Vice President J.D. Vance are formally sworn into office

Trump went on to say that American energy resources would help stimulate domestic production Manufacturing industry While also helping to lower prices and enable the United States to refill the Strategic Petroleum Reserve (SPR) under his plans.

“America will be an industrialized nation again,” Trump said, “and we have something that no other industrialized nation will ever have — the largest amount of oil and gas of any nation on Earth. And we will use it.”

He added: “We will lower prices, fill our strategic reserves back to the top, and export American energy to all parts of the world.” “We will be a rich country again, and it is the liquid gold under our feet that will help do that.”

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Data from the Energy Information Administration (EIA) showed that withdrawals in recent years have left the Strategic Oil Reserve at record levels Lowest level Since 1983. When Trump began his first term in 2017, there were 695 million barrels in the strategic reserve, and it contained 637 million barrels when Biden took office four years later in 2021.

The Biden administration authorized the historic Versions of SPR In an attempt to limit rising prices for consumers as inflation rises and global energy markets are exposed to turmoil due to the Russian invasion of Ukraine as well as the conflict in the Middle East. This left the Strategic Oil Reserve at a 40-year low of about 347 million barrels in the summer of 2023. As of January 10, 2025, the Strategic Reserve had 394 million barrels of oil in its inventory.

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The United States has emerged as a major energy exporter in recent years and has led the world in energy LNG exports in 2023 and retain this title in 2024.

Trump also said his administration would rescind former President Biden’s electric vehicle mandate to support the auto industry and its workers, whom he thanked for their support in the November election.

“With my actions today, we will end the Green New Deal and repeal The electric car mandate“Save our auto industry and keep my sacred pledge to America’s great auto workers.” Trump said.

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“In other words, you will be able to buy the car of your choice. And we will do that.” Car building He added: “America is moving again at a rate that no one could have dreamed of just a few years ago, and thanks to our nation’s auto workers for their inspiring vote of confidence, we have achieved tremendous success with their vote.”