Global energy prices may drop in Trump’s era: US Energy Secretary

US Energy Secretary Chris Wright said that global energy prices are expected to decline over the next four years should President Donald Trump's policies that focus on removing regulatory restrictions, driving investments, and expanding the energy sector infrastructure be implemented.

Americans were quite frustrated to see their electricity bills rise in recent years without any growth in the country’s electricity production or no meaningful growth.

“But if you reduce barriers to investment, reduce barriers to build infrastructure, you can lower the supply cost of energy,” Wright told Argaam.

He added that some believe that reducing energy consumption is the path to a better world, but the reality is that more than 7 billion people in the world still lack access to a basic standard of living, and justice cannot be achieved without expanding energy supplies.

Wright noted that the Kingdom and the US share this approach, which is based on human empowerment through more energy.

"The vision of the Kingdom is broadly aligned with that of the US with regard to the need to promote energy production as a means to improve economic prosperity and living conditions, rather than policies that seek to reduce consumption under the pretext of climate protection, said the US official.

His comments came during a press conference held in Riyadh following a meeting with Saudi Energy Minister Prince Abdulaziz bin Salman, where they announced a preliminary agreement to sign a comprehensive memorandum of understanding (MoU) between the two sides at a later date.

The MoU will cover cooperation in energy sources and infrastructure in both countries, the mining sector, as well as the civilian nuclear energy production technology, the official said.

Wright added that the dialogue between the two countries covered all aspects of the energy sector and discussed the challenges of climate change and future opportunities to improve human life by enabling reliable and low-cost energy sources.

Furthermore, strengthening energy cooperation between the Kingdom and the US not only serves the interests of both countries, but also contributes to broader economic and geopolitical stability at the global level, he added.

Wright pointed out that the road to a better world is through producing more energy, boosting international partnerships, and removing bureaucratic barriers and political restrictions that hinder the expansion of this vital sector.