Republican presidential nominee Donald Trump visited North Dakota’s Williston Basin on Thursday to give his first energy policy speech.
Speaking at the The Williston Basin Petroleum Conference in Bismarck, Trump told attendees that he would prioritize domestic energy production and reduce regulations.
As part of his energy policy, Trump said he would declare “American energy dominance…a strategic economic and foreign policy goal of the United States.”
Trump said that he would lift moratoriums on energy production in federal areas, cancel the Paris Climate Agreement and stop all payments of U.S. tax dollars to U.N. global warming programs within his first 100 days in office.
Turning his attention to government regulators, Trump called environmental enforcement efforts a “totally self-inflicted wound” on U.S. energy production.
“America’s incredible energy potential remains untapped,” Trump said.
The United States has been world’s largest petroleum hydrocarbons producer since 2013, out producing Russia and OPEC powerhouse Saudi Arabia.
Trump also said that he would ask TransCanada to renew its permit application for Keystone XL pipeline, but believes that the United States should be compensated for the project.
President Obama struck down the project last November after a multi-year review.
The rejection came just days after TransCanada asked the U.S. State Department to suspend its review of the pipeline, citing ongoing legal challenges in Nebraska.
TransCanada withdrew its Nebraska route application for the line in late November but said it is still evaluating the project’s future.
According to the Grand Forks Herald, Trump said that seeking to profit from the pipeline “makes a lot of sense to me.”
“Let’s take a piece of the action for you folks, lower your taxes a little bit more. Without us, they can’t move it,” Trump said.
Trump did not provide further details about that plan.
Trump also turned his sites on Democratic presidential contender Hilary Clinton, claiming the former Secretary of State will cripple domestic energy production and job growth.
“If Hillary Clinton is in charge, things will get much worse. She will shut down energy production across this country. Millions of jobs, and trillions of dollars of wealth, will be destroyed as a result,” Trump said.
Clinton has made expanding renewable energy sources central to her energy policy.
She has voiced support for hydraulic fracturing but has called for tighter water safety regulations and more disclosures about chemicals used during drilling.
Clinton has also said she would honor state and local bans on fracking.
“So by the time we get through all of my conditions, I do not think there will be many places in America where fracking will continue to take place,” Clinton said during a debate in Flint, Michigan earlier this year.
Trump also touched upon job creation efforts in the energy industry, tying job growth to his deregulation agenda.
“We’re going to revoke policies that impose unwarranted restrictions on new drilling technologies. These technologies create millions of jobs with a smaller footprint than ever before,” Trump said.
Trump added that his administration would eliminate “stupid rules that send our jobs overseas.”
Oil and gas firms across the sector have laid off hundreds of thousands of workers as they struggle to cope with low energy prices brought on by a global crude glut.
However, a nearly 60 percent decline in the U.S. rig count has only put a small dent in U.S. production.
Trump said surging U.S. production came in ” in spite of massive new bureaucratic and political barriers.”
The U.S Energy Information Administration revised its 2017 production up by 100,000 bpd to 8.2 million bpd earlier this month and expects U.S. production to average 8.6 million bpd this year.
While falling imports helped cut U.S. oil inventories by a sharper then expected 4.2 million barrels last week, the International Energy Agency does not expect inventories to shrink dramatically until later this year.
According to Reuters, analysts had expected inventories to fall by 2.5 million barrels.
International oil production has also held strong despite low prices.
OPEC production grew to 32.52 million bpd in April after adding more than 100,000 bpd.
The IEA said those OPEC gains “more than offset” deepening output declines in non-OPEC countries.
Trump said his administration would focus on moving the country away from oil imports but would work with ” our Gulf allies to develop a positive energy relationship as part of our anti-terrorism strategy.”
“We will become, and stay, totally independent of any need to import energy from the OPEC cartel or any nations hostile to our interests,” Trump added.