‘Super Bowl of the Energy Industry’ CERAWeek Kicks Off
"U.S. Administration to Accelerate Energy Policies in the Coming Weeks"
Energy Company CEOs Call for Policy Consistency
Chris Wright, U.S. Secretary of Energy, is giving a speech at 'CERAWeek,' an energy industry event that opened on the 10th (local time) in Houston, USA. / Photo by AP and Yonhap News
As the policies of the second Trump administration act as a catalyst for the decline in international oil prices, Chris Wright, U.S. Secretary of Energy, reaffirmed the government’s plan on the 10th (local time) to expand oil and gas production to induce further drops in oil prices.
According to the British Financial Times (FT), Secretary Wright told reporters at 'CERAWeek,' a global energy industry event held in Houston, USA, the previous day, "The U.S. administration is likely to accelerate energy policies over the coming weeks."
He said, "We hope to speed up the policy process," and signed approval documents for a new liquefied natural gas (LNG) export terminal that will process 1.8 billion cubic feet (50.97 million cubic meters) of gas per day off the Gulf of Mexico coast.
He also emphasized that while the White House does not have a specific target oil price level, "low oil prices will be in the best interest of both the American people and global citizens." He added, "The Trump administration’s policy measures will make oil and natural gas production easier."
Reuters noted that Wright’s remarks align with President Donald Trump’s policy stance to maximize U.S. oil and gas production. For example, President Trump recently approved an extension allowing Delfin LNG to export LNG to Asia and Europe. This is one of the measures taken after the previous Joe Biden administration halted LNG export approvals for about a year.
FT reported that since taking office, President Trump has announced the U.S. withdrawal from the Paris Climate Agreement, the reversal of LNG terminal approval suspensions, deregulation of oil and gas production, strengthened authority to approve new power infrastructure, lifting restrictions on drilling in Alaska, and bans on new offshore wind project leases.
The Trump administration’s policies have acted as a catalyst for the recent decline in oil prices to their lowest levels in three years. As of the 10th, West Texas Intermediate (WTI) crude oil futures were trading at $65.80 per barrel, and Brent crude futures at $69.08 per barrel. The decline in oil prices is attributed to global economic uncertainties caused by U.S. tariff policies and expectations of increased supply from the Organization of the Petroleum Exporting Countries Plus (OPEC+). Lower oil prices have also reduced incentives for energy companies to increase production.
Meanwhile, at the event, the U.S. energy industry unanimously called for policy consistency from President Trump. Mike Wirth, CEO of Chevron, sharply criticized in his opening speech, saying, "Swinging from one extreme to another is not the right policy." The global energy company Chevron was hit hard last month by the U.S. administration’s termination of Venezuela oil export licenses. CEO Wirth also urged the Trump administration to implement energy policies through legislation rather than executive orders. These concerns were also conveyed during a private meeting between Secretary Wright and the energy industry held before the conference opening.
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