President Trump delivered his inaugural address to the nation on Monday, outlining his administration's plans to address energy prices and reduce inflation. Trump declared his intention to direct his Cabinet to use their powers to combat record inflation and bring down costs and prices.
Highlighting high energy prices as a key driver of inflation, Trump announced plans to declare a national energy emergency to facilitate more domestic production. He emphasized the need to increase domestic energy production to support the manufacturing industry, lower prices, and refill the Strategic Petroleum Reserve (SPR). Trump expressed confidence in America's energy resources, stating that the country has the largest amount of oil and gas in the world.
Data from the Energy Information Administration (EIA) showed that the SPR had decreased significantly in recent years, prompting the Biden administration to authorize historic releases to address high prices and global energy market disruptions. As of January 10, 2025, the SPR inventory stood at 394 million barrels.
The U.S. has become a major energy exporter in recent years, leading the world in liquefied natural gas (LNG) exports in 2023 and retaining that title in 2024. Trump also announced plans to reverse President Biden's electric vehicle mandate to support the auto industry and its workers.
In his address, Trump vowed to end the Green New Deal and revoke the electric vehicle mandate to support the American auto industry. He expressed gratitude to the auto workers for their support in the November election and pledged to build automobiles in America at a rate that was previously unimaginable.
Overall, Trump's address focused on his administration's plans to support the energy industry, reduce inflation, and strengthen the manufacturing sector through increased domestic energy production and support for the auto industry.