Licence-heavy; tariff-light: Trump’s two-pronged approach so far

Group 1: Biden Administration's Oil and Gas Strategy - The Biden administration finalized the 10th National Outer Continental Shelf (OCS) Oil and Gas Leasing Programme for 2024-29, limiting new oil and gas licenses to three, the fewest in history [1] - Under Biden, crude oil production increased by 1.05% year-on-year, while dry natural gas production rose by 0.2% to 37.72 trillion cubic feet (tcf) [5] - The administration reversed various moratoriums and restrictions, allowing leasing and operations to proceed as intended by congressional statute [2] Group 2: Trump Administration's Oil and Gas Strategy - The Trump administration implemented reforms to encourage exploration and drive oil and gas production, resulting in a 55% increase in drilling permits in its first year [13] - Trump's One Big Beautiful Bill Act (OBBBA) outlined an offshore lease plan with a total of 36 oil and gas licenses, including 30 auctions in the Gulf of Mexico over the next 15 years [8] - The Department of the Interior released a draft of the 11th National OCS Oil and Gas Leasing Programme for 2026-31, which includes 34 potential offshore lease sales [9] Group 3: Industry Sentiment and Regulatory Changes - The oil and gas sector has welcomed regulatory shifts under Trump, including the repeal of emissions standards and the absence of tariffs on crude oil and natural gas imports [14][16] - Industry sentiment is broadly positive due to the deregulation trend and the increase in licenses, despite challenges such as inflated costs squeezing profit margins [23] - The EPA has proposed significant regulatory changes, including extending deadlines for emissions standards, which the industry views as beneficial [26]