Oil and gas executives have privately decried the uncertainty that President Trumpβs tariffs have sown, including in a recent anonymized survey by the Federal Reserve Bank of Dallas.
The energy giant was vague on details, but analysts say the changes is likely to include less spending on renewable sources and a bigger investment in oil and natural gas production.
To wean itself off Russian natural gas, Europe has found new sources of energy, including imports from the United States. But high costs are straining the economy.
Some oil refineries will probably struggle to replace imported crude oil if President Trump imposes 25 percent tariffs on products from Canada and Mexico.
Oil and gas executives welcomed President Trumpβs early moves on energy policy, but many said they did not plan to increase production unless prices rose significantly.
The president said heβd declare an energy emergency, increase drilling and end support for electric cars. His pivot to oil and gas follows the hottest year in recorded history.
Harold G. Hamm, the founder of the Oklahoma-based Continental Resources, and other oil and gas companies stand to profit from Donald Trumpβs energy policies.
Constellation Energyβs deal to buy Calpine is being driven by fast-rising demand for electricity in part by the technology industryβs investments in artificial intelligence.