Trump’s Energy Policies Result in Lower Prices at the Pump and Inflation Dropping to 1.6%
Guest post by Joe Hoft
According to the US Bureau of Labor Statistics the US inflation rate decreased to an eight month low in June to 1.6%.
Joana Taborda at Trading Economics wrote:
Consumer prices in the United States increased 1.6 percent year-on-year in June of 2017, below 1.9 percent in May and compared to market expectations of 1.7 percent. It is the lowest inflation rate since October of 2016 due to a 0.4 percent fall in gasoline prices.”
By any stretch of anyone’s imagination, it is fair to say the lead up to, as well as the first few days of the Donald Trump administration have been nothing short of spectacular for U.S. Oil and Gas Inc. Barely hours after Trump had taken office as the 45th President of the USA, an overhauled White House website proudly declared its new found pro energy industry credentials. Guidance on climate change – a key feature of the Obama administration’s policy framework – was swiftly erased from the site.
Then three days into his presidency, Trump gave his explicit backing to two controversial pipeline projects – Keystone XL and Dakota Access – provided American steel is used in their construction giving his “America First Energy Plan” a novel dimension. How could you possibly trump the wider appeal of projects boosting the country’s energy industry, providing jobs and utilizing domestic steel to boot.
Those pipelines entail billions of dollars, but it’s all private capital and not taxpayer funds appropriated by Congress. And, unlike many “trophy” government projects, the pipelines will be profitable from the get-go.”