The U.S. energy industry has "gone through eight years of hell," but is on the verge of a new era, according to President Trump, who on Thursday announced six initiatives to kick start that change.
"We're here today to usher in a new American energy policy, one that unlocks millions and millions of jobs and trillions of dollars in wealth," Trump said at the Department of Energy's (DOE) "Unleashing American Energy Event" in Washington, DC, where he was flanked by Vice President Mike Pence, DOE Secretary Rick Perry, Secretary of Interior Ryan Zinke, and other members of his administration.
"For over 40 years America was vulnerable to foreign regimes that used energy as an economic weapon. Americans' quality of life was diminished by the idea that energy resources were too scarce to support our people…
"The truth is that we have near limitless supplies of energy in our country. Powered by new innovation and technology, we are now on the cusp of a true energy revolution. Our country is blessed with extraordinary energy abundance which we didn't know of even five years ago and certainly 10 years ago. We have nearly 100 years worth of natural gas and more than 250 years worth of clean, beautiful coal. We are a top producer or petroleum and the No. 1 producer of natural gas."
Trump announced six initiatives that he said would help the United States to become more than energy independent, but "propel this new era of energy dominance."
"My administration has just approved the construction of a new petroleum pipeline to Mexico, which will further boost American energy exports," Trump said.
Trump included in his initiatives an agreement he said Sempra Energy signed Thursday "to begin the sale of more American natural gas to South Korea."
DOE on Tuesday approved two long-term applications to export additional natural gas from the Lake Charles liquefied natural gas terminal in Louisiana, Trump said. And the Trump administration will open more offshore land energy development.
"Under the previous administration, so much of our land was closed to development. We're opening it up – the right areas, but we're opening it up. We're creating a new offshore oil and gas leasing program. America will be allowed to access the vast energy wealth located right off our shores."
Trump said his administration would also begin to revive and expand the U.S. nuclear power sector, and the Department of Treasury would address barriers to the financing of overseas coal energy plants.