President Donald Trump unveils energy plans in inaugural address.
Forbes Chairman and Editor-in-Chief Steve Forbes looks back at Trump’s first 100 days in office.
President Trump In his inaugural address on Monday, he outlined his administration’s plans to support the energy industry and tackle inflation.
In his speech, Trump said, “I will direct all members of the Senate to harness the tremendous power they have to defeat hyperinflation and bring down costs and prices quickly.”
Trump has pointed to high energy prices as one of the main drivers of the inflationary cycle that has caused prices to rise by about 20% in the US economy over the past four years. He said he plans to declare a national energy emergency, which he will use to facilitate more domestic production.
“The inflation crisis is caused by overspending and rising energy prices. That’s why today I’m also declaring a national energy emergency. We’re going to screw it up, baby, we’re going to screw it up,” he said.
President Donald J. Trump officially swears in Vice President JD Vance.
Vice President JD Vance and President Donald Trump Trump acknowledges the crowd after his inauguration as the 47th president in the Capitol Rotunda on January 20, 2025. (Kenny Holston/The New York Times/AFP via Getty Images/Getty Images)
Trump went on to say that US energy resources would help boost domestic manufacturing and lower prices and allow the US to replenish the Strategic Petroleum Reserve (SPR) under his plan.
“America is going to be a manufacturing nation again, and we have something that no manufacturing nation will ever have — the largest oil and gas reserves of any country on earth. We’re going to take advantage,” Trump said.
“We will lower prices, replenish our strategic reserves and send American energy to the rest of the world.” “We’re going to be a rich country again, and it’s that liquid gold under our feet that’s going to help us do that.”
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Vice President-elect JD Vance and President Trump during his inauguration in the US Capitol Rotunda on January 20, 2025. (Kevin Lamarck/Pool/AFP via Getty Images/Getty Images)
According to data from the Energy Information Administration (EIA), SPR reductions in recent years have been the lowest since 1983. When Trump began his first term in 2017, there were 695 million barrels in the SPR, and he held 637 million barrels. When Biden takes office four years later in 2021.
The Biden administration authorized historic waivers from the SPR to curb higher prices for consumers. That pushed SPR to a 40-year low of 347 million barrels by the summer of 2023. As of January 10, 2025, SPR had 394 million barrels of oil in its inventory.
West Virginia Sen. Jim Justice Praises Trump’s Energy ‘Dream Team’ Nominees, Wright & Burgum
Jeff Bezos, Donald Trump Jr., Sundar Pichai, Elon Musk, Usha Vance, Doug Burgum and Vice President JD Vance applaud as Donald Trump is elected at the U.S. Capitol on Jan. 20, 2025. (Kenny Holston/Pool via Reuters/Reuters Photos)
The US has emerged as a major energy exporter in recent years, leading the world in liquefied natural gas (LNG) exports by 2023 and by 2020.
Trump thanked them for their support in the November election and said his administration would reverse former President Biden’s electric vehicle order to support the auto industry and its workers.
“With my actions today, we will end the Green New Deal and repeal the mandate for electric vehicles, saving our auto industry and keeping my promise to our great American automakers,” he said.
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“In other words, you can buy any car you want. We’re building a car in America again that no one thought of a few years ago, and we’re grateful to our nation’s auto workers. We’ve made your vote of confidence a great deal,” he added.