President Trump In his first address to the nation on Monday, he announced his administration's plans to take measures to support the energy industry and reduce inflation.

“I will direct all members of my Cabinet to combine the broad powers at their disposal to defeat record inflation and rapidly lower spending and prices,” Trump said in a speech.

Trump pointed to a high level energy prices as one of the main drivers of the inflationary cycle that has driven prices up nearly 20% in the US economy over the past four years. He said he plans to declare a national energy emergency, which he would use to facilitate more domestic production.

“The inflationary crisis was caused by massive overspending and rising energy prices. So today I'm also going to declare a national energy emergency. We're going to drill, baby, we're going to drill,” he said.

PRESIDENT DONALD J. TRUMP OFFICIALLY SWORN IN BY VICE PRESIDENT JD VANCE

Vice President JD Vance and President Donald Trump acknowledge the crowd after Trump's inauguration as the 47th president inside the Capitol Rotunda on January 20, 2025. (via Kenny Holston/The New York Times/AFP Getty Images/Getty Images)

Trump further said that America's energy resources will help stimulate domestic energy manufacturing industry it also helps keep prices down and allows the US to replenish its Strategic Petroleum Reserve (SPR) as part of its plans.

“America is going to be a producing country again, and we have something that no other producing country can have – the largest oil and gas of any country on earth. And we're going to take advantage of that,” he said.

“We will lower prices, replenish our strategic reserves and export American energy around the world,” he said. “We will become a rich nation again, and that liquid gold under our feet will help.”

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Vice President-elect JD Vance and President Trump during the inauguration ceremony in the Rotunda of the US Capitol on January 20, 2025. (Kevin LaMarque/Pool/AFP via Getty Images/Getty Images)

Data from the Energy Information Administration (EIA) showed that reductions in recent years have left the SPR at its previous level. the lowest level Since 1983. When Trump began his first term in office in 2017, the SPR contained 695 million barrels, and when Biden took office four years later in 2021, it contained 637 million barrels.

The Biden administration gave the historic permission Releases from SPR As inflation rose to curb high prices for consumers, and global energy markets were disrupted by Russia's aggression in Ukraine, as well as conflicts in the Middle East. That left SPR at a 40-year low of around 347 million barrels in summer 2023. As of January 10, 2025, SPR had 394 million barrels of oil in its reserves.

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Jeff Bezos, Donald Trump Jr., Sundar Pichai, Elon Musk, Usha Vance, Doug Burgum and Vice President JD Vance cheer during the inauguration of Donald Trump at the U.S. Capitol on January 20, 2025. (Pool by Kenny Holston/Reuters/Reuters Images)

The US has emerged as a major energy exporter in recent years and has led the world export of liquefied natural gas (LNG). He retained this title in 2023 and 2024.

Trump also said his administration would repeal former President Biden's electric vehicle mandate to support the auto industry and its workers, who are thanking them for their support in the November election.

“With my actions today, we will stop and scrap the Green New Deal electric car mandateto save our auto industry and keep my sacred promise to our great American auto workers,” Trump said.

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“In other words, you will be able to buy the car you want. We will buy build cars It's happening in America at a pace that no one could have dreamed of just a few years ago, and thank you for your inspiring vote of confidence in our nation's auto workers, with whose votes we've done great things,” he said.