Letter from the US: The curse of strong energy exports
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
US President Donald Trump emphasised three key goals for his new administration during his 2024 election campaign: rebuilding domestic manufacturing, making the US an energy superpower, and bringing down consumer energy costs. These three goals are in conflict. The US cannot rebuild its manufacturing base and remain an energy superpower. It will take lower energy prices to expand the manufacturing base. While lower prices would benefit consumers—a key Trump goal—they would also depress energy production. The data and numerous economic studies make it clear that strong US energy exports have undermined and will continue to undermine efforts to boost US manufacturing. Experience shows it will
Also in this section
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
28 April 2026
Restoring supply from Saudi Arabia, the UAE, Kuwait, Qatar, Bahrain and Iraq involves complexities far beyond simply adjusting operational controls
28 April 2026
Datacentres will guzzle power at a ferocious rate, but the impact on wider energy markets will be far more complex than previously thought
28 April 2026
The key energy player faces balancing regional routes, political complexities, and creating a clear strategic vision for energy security
