President Donald Trump vowed in his inaugural speech, following his oath of office Friday, to pursue policies that would spur economic growth, create jobs and protect American interests.
An effect likely would be to boost demand for crude oil, which rose in price more than 2% on Inauguration Day, with part of the gain coming after his address. U.S. energy companies, among others, may benefit from his policies.
Oil prices could be affected further after Sunday’s meeting in Vienna, Austria, between members of the Organization of Petroleum Exporting Countries and some other oil-producing countries, including Russia, which are trying to agree on how to verify compliance to cut 1.8 million barrels per day of output, according to Reuters. President Trump’s talk about aiding U.S. manufacturing and infrastructure spending hints at heightened demand for energy.
“We will build new roads, and highways, and bridges, and airports, and tunnels, and railways all across our wonderful nation,” President Trump said. “We will get our people off of welfare and back to work — rebuilding our country with American hands and American labor. We will follow two simple rules: Buy American and hire American.”
The wealth of America’s middle class has been “ripped from their homes” and “redistributed” throughout the world, President Trump said.
“One by one, the factories shuttered and left our shores, with not even a thought about the millions upon millions of American workers left behind,” President Trump said.
America will “start winning again” like never before, President Trump said after taking his oath of office.