Trump vows to halve energy costs in 12 months. Few see that happening.

“My goal will be to cut your energy costs in half within 12 months after taking office,” former President Donald Trump said in a speech in Michigan last Thursday. The U.S. president can create “a more optimal environment” for domestic energy firms and “encourage other oil-producing countries to produce more or produce less,” said Helima Croft, the managing director and global head of commodity strategy at RBC Capital Markets, a financial firm. However, “he’s not going to be able to increase U.S. oil production by his signature in a way that would materially bring oil prices down by half,” she said. Kamil Krzaczynski / AFP – Getty Images Trump, seeking a second term as president, has made achieving “energy dominance” key to his economic pitch. Instead, Trump calls to “drill, baby, drill” for fossil fuels — “liquid gold under our feet,” in his words — to bring down Americans’ electricity costs and pump prices. “I will declare a national emergency to allow us to dramatically increase energy production, generation and supply,” Trump said Thursday. “Starting on Day 1, I will approve new drilling, new pipelines, new refiners, new power plants, new reactors, and we will slash the red tape.” He has repeated versions of this promise on the stump, saying in North Carolina last month that it could take “at a maximum 18 months — and if it doesn’t work out, you’ll say, ‘Oh well, I voted for him.’” The energy policy debate comes as the U.S. economy enters a new phase, with just over two months until Election Day: Inflation has largely been tamed, interest rates are set to fall, and employers and consumers alike are becoming more cautious. – This Summarize was created by Neural News AI (V1). Source: https://www.nbcnews.com/politics/2024-election/trump-cut-energy-costs-oil-prices-rcna169004