United States President Donald Trump announced his plans to revitalize the American energy sector and went on to say that it was time to 'unleash American energy. He was speaking at the Energy Department today and discussed some of the steps that he is going to take to boost the energy sector. However, according to a report in the Washington Post, energy experts expressed disappointment at Trump's plans and additionally, he did not furnish a lot of details regarding some of the steps.

Trump promises big

Donald Trump spoke at the Energy Department today in Washington, DC and stated that his administration's energy policy will focus on offshore drilling, export of coal, the revival of the nuclear industry and new oil pipeline deals.

The announcements by the President regarding the energy policy was, without a doubt, one of the most anticipated events of the week. The President went on to state that the new policy will not only unlock 'trillions of dollars in wealth' but also help create millions of jobs for Americans.

The Obama administration's policy with regards to shale drilling had been a huge blessing for the country and took oil production to new heights. Trump announced that he plans to make the US a net exporter of oil. Hence, it is only natural that experts were probably looking for a far more inventive policy. Goldwyn Global Strategies president David Goldwyn, who had also been a high-ranking official in the energy department during Obama presidency stated that the President did not really announce anything particularly exciting.

He also lamented that the event turned out to be a disappointment considering the way in which it had been announced.

Big gaps

Although Trump's goals about oil production are within the realms of possibility, his policies regarding the nuclear sector are still unclear.

The sector is under financial duress and some reactors are going to be closed soon as well. Although Trump stated that he is awaiting a complete review of the sector, he did not go into details about what exactly he is going to do to revive the sector. A carbon tax could greatly benefit the sector but it is unlikely that the Trump administration will consider it as an option due to the President's views on climate change.

As the President had promised, he also announced that he is going to look into the problems that the coal industry has been experiencing regarding financing. However, there was not much clarity on how he is going to tackle the problem. Experts believe that public financing may prove to be too risky since coal might not show a great return on investment.