The US energy sector, or to be precise that part of the sector working on hydrocarbons, is celebrating the arrival of Donald Trump as president. Mr Trump and the Republican congress have started a bonfire of regulations and the president has promised to do what it takes to increase supply from a sector he says is worth $50tn.
The number may be a little flaky (after all, US gross domestic product last year was only $18tn) but the direction of travel is not. After eight years of tightening regulation and restrictions, those who want to develop new sources of coal, gas and oil now have Washington’s full support. The new commitment to fossil fuel development has been welcomed by the industry and by countries such as Saudi Arabia. The question is whether they will all be cheering so loudly when they start to see the full consequences of the new policy. Read more