On day one, the incoming Trump administration is expected to pass a flurry of executive orders to reverse President Joe Biden’s energy policy, which has weakened U.S. energy leadership.

President-elect Donald Trump vowed to approve new liquefied natural gas projects (after Biden blocked new permits) and to increase domestic oil production. Biden’s ban on new LNG export licenses undermined U.S. energy leadership, forcing LNG importers to find alternative suppliers, such as Qatar and Australia.

A sudden increase in production would lower oil and gasoline prices in the short term, reducing inflation, especially in the transportation sector. However, if oil prices decline below $60 per barrel, they would start affecting the economy of oil-dependent countries, such as Saudi Arabia.

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