Trump Eyes Energy Emergency to Push Gasoline Below $2
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Former U.S. President Donald Trump said that if elected he would declare a national energy emergency to “achieve a massive increase in domestic energy supply” to bring gasoline below $2 a gallon. He would also reduce electricity prices, he said.
A goal of sub-$2 gasoline, last seen during the pandemic shutdown that caused demand to collapse, would be difficult to achieve, since presidents have little control over pump prices.
In an address to the Economic Club of New York on Sept. 5, Trump also pledged to rescind unspent funding from Democrats’ signature climate law in the most definitive remarks yet on his intentions for the Inflation Reduction Act.
It remains to be seen how Trump might make good on this pledge, which was included as part of the economic agenda he pitched in remarks to corporate leaders.
A full repeal of the law that provided hundreds of billions of dollars in tax credits and other incentives for clean energy projects would require approval by Congress, where it’s supported by Democrats and some Republicans. Alternatively, Trump could slow spending or rewrite guidance on tax credits to make them harder to use.
Trump has previously hinted he would take aim the IRA in remarks railing against what he termed as the “Green New Scam.”
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