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President-elect Donald Trump’s latest pitch to major corporations and wealthy business leaders: Invest $1 billion in the U.S. and he’ll drastically slash any red tape slowing them down.
“Any person or company investing ONE BILLION DOLLARS, OR MORE, in the United States of America, will receive fully expedited approvals and permits, including, but in no way limited to, all Environmental approvals,” Trump wrote on his Truth Social platform Tuesday. “GET READY TO ROCK!!!”
Although it’s unclear what prompted Trump’s comments, the Republican has been a staunch supporter of oil companies and others that would benefit from an easier path to dealing with environmental regulations. Trump has pledged to boost domestic oil and gas production, open new land for drilling, and slash regulations.
At a rally in October, Trump promised to achieve energy independence and slash energy prices in half within a year of January 20, 2025. “We’re going to drill, baby, drill,” he added.
The American Petroleum Institute last month released a policy blueprint calling for the incoming Trump administration to work with Congress to lift the Department of Energy’s pause on liquified natural gas permits, “swiftly” process all pending export applications, and repeal onshore leasing rules the Institute called restrictive. The trade association also called for reforms of environmental rules, including some of President Joe Biden’s reforms.
While speaking at a summit in Singapore last month, Rio Tinto (RIO+0.50%) chief commercial officer Bold Baatar said Trump’s administration should focus on speeding up permits for mining operations.
Rio Tinto’s planned copper mine in Arizona has been tied up in U.S. courts over objections from some Native Americans. According to Reuters, the mine would destroy a religious site where the San Carlos Apache worship. Trump’s administration will be able to either approve the mine or keep its development halted.
The National Mining Association (NMA), the primary lobbying group for the industry, has called for Trump to reduce the restrictions on coal mining on public lands.
“We need to see a balanced energy policy that once again reflects reality and the fact that affordable, reliable energy and environmental stewardship are not mutually exclusive,” NMA CEO Rich Nolan told The Hill in November.