Commodities and Futures News

Trump’s energy department pick to call for more LNG and nuclear power

2025.01.15 06:57

By Timothy Gardner

WASHINGTON (Reuters) – Chris Wright, President-elect Donald Trump’s pick to head the U.S. Energy Department, will tell U.S. senators in his confirmation hearing on Wednesday his first priority is expanding domestic energy production including liquefied and nuclear power.

Wright, 59, believes fossil fuels are the key to ending world poverty, which is a greater problem than climate change’s “distant” threat, according to a report he wrote as CEO of oilfield services company Liberty Energy.

Wright supports some fossil fuel alternatives, such as small nuclear power reactors, which are not yet commercially available, and geothermal power. But he has criticized solar and wind power as insufficient.

“Previous administrations have viewed energy as a liability instead of the immense national asset that it is,” Wright will tell the Senate energy committee, according to prepared remarks reviewed by Reuters.

“To compete globally, we must expand energy production, including commercial nuclear and liquefied natural gas, and cut the cost of energy.”

U.S. exports of liquefied natural gas, a super-chilled exportable form of natural gas, hit a record in 2023 thanks to the shale boom. The U.S. now produces more oil and gas than any other country ever has.

Wright, is expected to win a majority in the 100-member Senate, now controlled by Republicans, and will step down from Liberty once confirmed. Wright would replace Jennifer Granholm, who urged caution on the issuance of new permits to export LNG, saying unfettered exports will boost emissions of gases blamed for climate change and risk raising fuel prices for manufacturers and home owners.

The top Democrat on the committee, Senator Martin Heinrich, from fossil fuel-producing New Mexico, said after meeting Wright last week the two agreed that the Energy Department “must help speed the expansion of interregional transmission infrastructure to meet our nation’s skyrocketing demand for clean power.”

Heinrich said he told Wright his concerns about the Trump team’s plan to “claw back programs in order to undo our progress in building a cleaner, healthier and more affordable energy future, and the many jobs that go with it.”

Wright is expected to work on a new energy council with Doug Burgum, Trump’s nominee for interior secretary.

Wright will also say that the U.S. must remove barriers to progress on energy. Trump, a Republican who takes office on Jan. 20, may declare a national energy emergency, allowing him to fast-track permits for new power infrastructure and other energy projects.

© Reuters. FILE PHOTO: Liberty Oilfield Services Inc. CEO Chris Wright rings a ceremonial bell to celebrate the company's IPO on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., January 12, 2018.  REUTERS/Lucas Jackson/File Photo

The move would fit into Trump’s agenda to expand energy output as U.S. power demand begins to surge for the first time in decades and to reverse President Joe Biden’s pause on approvals of LNG exports.

Biden passed a signature climate change law with billions of dollars to support alternative energy projects. But Congress has failed so far to pass a permitting bill for the transmission infrastructure needed to move huge amounts of power from high-tech projects like renewables and planned new nuclear reactors.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 99,287.60 2.96%
ethereum
Ethereum (ETH) $ 3,335.70 4.26%
xrp
XRP (XRP) $ 2.97 15.38%
tether
Tether (USDT) $ 1.00 0.03%
bnb
BNB (BNB) $ 703.42 1.28%
solana
Solana (SOL) $ 196.38 4.73%
dogecoin
Dogecoin (DOGE) $ 0.370137 5.29%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 1.06 7.54%
staked-ether
Lido Staked Ether (STETH) $ 3,329.92 4.13%
tron
TRON (TRX) $ 0.231068 3.16%
avalanche-2
Avalanche (AVAX) $ 39.43 8.86%
stellar
Stellar (XLM) $ 0.48486 15.52%
sui
Sui (SUI) $ 4.81 3.40%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,945.24 3.80%
chainlink
Chainlink (LINK) $ 21.63 7.10%
the-open-network
Toncoin (TON) $ 5.42 1.29%
shiba-inu
Shiba Inu (SHIB) $ 0.000022 3.38%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 99,030.53 2.75%
hedera-hashgraph
Hedera (HBAR) $ 0.316498 9.85%
content-bitcoin
Content Bitcoin (CTB) $ 24.49 3.10%
polkadot
Polkadot (DOT) $ 6.97 6.87%
usd1
USD1 (USD1) $ 1.00 96.85%
weth
WETH (WETH) $ 3,336.47 4.43%
leo-token
LEO Token (LEO) $ 9.61 3.75%
bitcoin-cash
Bitcoin Cash (BCH) $ 447.60 2.72%
uniswap
Uniswap (UNI) $ 14.08 6.22%
litecoin
Litecoin (LTC) $ 105.62 5.14%
hyperliquid
Hyperliquid (HYPE) $ 23.77 3.64%
bitget-token
Bitget Token (BGB) $ 6.50 0.29%
pepe
Pepe (PEPE) $ 0.000018 5.21%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,528.77 4.44%
usds
USDS (USDS) $ 1.00 0.41%
near
NEAR Protocol (NEAR) $ 5.25 6.24%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.11%
aptos
Aptos (APT) $ 9.32 6.65%
internet-computer
Internet Computer (ICP) $ 10.81 7.34%
aave
Aave (AAVE) $ 313.79 7.32%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.474922 5.66%
ethereum-classic
Ethereum Classic (ETC) $ 26.25 4.10%
crypto-com-chain
Cronos (CRO) $ 0.143033 3.20%
vechain
VeChain (VET) $ 0.047642 6.62%
monero
Monero (XMR) $ 207.68 0.47%
mantle
Mantle (MNT) $ 1.13 2.63%
render-token
Render (RENDER) $ 7.29 1.97%
mantra-dao
MANTRA (OM) $ 3.77 2.84%
algorand
Algorand (ALGO) $ 0.433379 15.40%
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 3.60 25.28%
dai
Dai (DAI) $ 1.00 0.02%
bittensor
Bittensor (TAO) $ 433.71 3.15%