Trump Bill Reshapes US Energy Policy Favoring Oil, Curtailing Renewables

President Trump's One Big Beautiful Bill Act (OBBBA) is poised to significantly reshape the U.S. energy landscape by expanding oil and gas production while curtailing federal subsidies for renewable energy projects, particularly offshore wind in New England. The bill imposes deadlines that threaten investments in major wind projects like SouthCoast Wind, potentially jeopardizing thousands of local jobs and Rhode Island's goal of 100% renewable electricity by 2030. The American Petroleum Institute views the bill as ushering in a new era of American energy dominance by mandating frequent lease sales for oil and gas on federal lands and waters, including areas in Alaska and the Gulf of Mexico. Additionally, OBBBA includes tax provisions such as restoring 100% first-year bonus depreciation and doubling the Section 179 expensing cap, which are expected to accelerate investment and influence mergers and acquisitions in the energy sector. Critics argue the bill favors fossil fuel interests at the expense of clean energy growth and could lead to higher electricity prices and setbacks in climate goals. Supporters emphasize the expansion of domestic resource development as a departure from previous administration policies, aiming to boost energy production and economic returns.