CERAWeek — the annual gathering of chief executives, policymakers, investors, and other global energy leaders — is taking place this week in Houston, and Arnold & Porter is once again participating.
U.S. Secretary of Energy Chris Wright delivered the conference’s keynote address, sharing important observations about the Trump administration’s energy policies and priorities:
- President Trump’s Energy Agenda. Secretary Wright observed that President Trump’s energy policy is grounded in affordable, reliable, and secure American energy. He walked through a broad reversal of the prior administration’s energy policies, pointing to regulations on climate, energy production, appliances, and the promotion of electric vehicles. He said these policies were detrimental to the American economy and their benefits were outweighed by their costs. He recognized that each administration’s climate and energy policies involve trade-offs, but cited a fundamental view that climate change is “a global physical phenomenon that is a side effect of building the modern world” and that the prior administration’s response to it was a “cure that was far more destructive than the disease.”
- Global Reliable Energy Opportunity. Secretary Wright also discussed expanding global access to reliable energy sources. He pointed out vast differences in energy consumption among the top billion people in the world (13 barrels of oil per person annually), versus the remaining seven billion people (three barrels), or people living in parts of Africa (less than one barrel); he noted that half the world wears hand-washed clothes; and he observed that two billion people burn wood to cook meals and heat their homes — all of which he saw as an opportunity to use energy to lift people out of poverty or better their lives.
- Natural Gas. Secretary Wright rejected wind and solar energy as currently unreliable, costly, and unrealistic replacements for natural gas. He noted the growth of natural gas as an energy source within the U.S. and internationally, its broad utility in manufacturing and food production, and its current role in generating 43% of U.S. electricity.
- Increased Supply. The Trump administration aims to increase world energy supply in many forms, including liquified natural gas (LNG) exports. To that end, Secretary Wright highlighted the resumption of LNG export permits and the approval of several LNG projects, and announced the expansion of another LNG export terminal. He noted that natural gas currently supplies 25% of global primary energy production and has been the fastest growing source of energy over the last 15 years.
- Nuclear Energy. Secretary Wright also announced a renewed focus on nuclear fission and fusion as energy sources, hoping to “launch the long-awaited American nuclear renaissance.”
- Energy Prices. Secretary Wright acknowledged that many Americans struggle to afford their energy bills, and stated that increased energy prices have contributed to the movement of energy-intensive manufacturing and blue-collar jobs overseas. The Trump administration believes increased energy supply will lower prices and bring that manufacturing back to the U.S.
- AI. Secretary Wright shared his view about the future of artificial intelligence (AI), noting benefits across the economy. He is optimistic about the use of AI in pharmaceutical, nuclear, and scientific research, and stressed AI’s importance to American national defense. Given AI’s tremendous energy demand, this provides another dimension in which energy security is critical to national security and prosperity.
Arnold & Porter regularly advises companies on the Trump administration’s regulations and priorities that impact the energy, manufacturing, automotive, and other industries, and helps companies bring market-leading energy projects to life. If you have questions about these topics, please reach out to the authors or your trusted Arnold & Porter advisor.
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