During the 2016 presidential campaigns, then-President Barack Obama slammed now-President Donald Trump for the lack of specifics in his economic agenda. “What magic wand do you have?” Obama asked, rhetorically.
It’s a comment amusing in hindsight as Obama tries to play off the successful Trump economy as a mere continuation of the economic environment he created. Does he think he was the one with the magic wand the entire time?
Surging oil prices and low gas prices is one of many successes of the Trump economy that Obama wishes he could take credit for (but can’t!).
According to The Hill:
President Trump will travel to Texas Wednesday to announce two new executive orders that aim to make it easier for the oil and gas industry to get permits for pipeline construction, among other infrastructure needs.
The executive orders, which will be announced at the International Union of Operating Engineers’ International Training and Education Center outside Houston, will each focus on incentivizing private investment in energy infrastructure and streamlining permitting of projects, according to a White House official.
“The two Executive Orders the President will sign will help American energy companies avoid unnecessary red tape, allowing the U.S. to continue to be the undisputed global leader in crude oil and natural gas production for the foreseeable future,” the official said in a statement.
The move follows on the heels of a presidential permit that Trump issued in late May to jump-start the delayed construction of the controversial Keystone XL pipeline.
The new permit would invalidate a previous March 2017 permit, which is currently being held up by courts, and instead replace it with a new permit for a pipeline with a facility in Montana. The pipeline would pass through longtime tribal lands in Montana and South Dakota.
U.S. crude oil production surged 17% in 2018, passing a record set in 1970 of nearly 11 million barrels per day. Thanks to those achievements, the U.S. is now a net oil exporter for the first time in 75 years, according to Bloomberg. Not only that, the U.S. Energy Information Administration is now projecting that the U.S. will become entirely energy independent by 2020 (and will be producing over 14 million barrels of oil per day by 2040).
Trump has expanded offshore drilling and loosened regulations on the oil industry, among other changes favorable to the industry. Meanwhile, Obama greatly reduced drilling on federal lands and greatly increased the amount of time it took firms to obtain drilling permits.
The oil industry is thriving in America, and you can expect to see proof of that at the pump.