Markets in the US and EU react differently to Trump’s new energy policy.

On Monday, 47th US President Donald Trump declared an energy emergency, allowing energy extraction in places previously where it was previously prohibited.

“We will drill. We will become a rich country again, and the liquid gold under our feet will help us do this,” Trump said.

He also lifted a Biden-imposed moratorium on new licenses to export liquefied natural gas (LNG). As a result, the Department of Energy must resume consideration of applications for new permits, as well as study the economic and employment benefits of approving new export permits and “the impact on the security of allies and partners.”

Following Trump’s decisions, oil prices in the US fell. Brent futures fell 0.81% to $79.50 a barrel, while WTI futures fell 1.48% to $76.73. However, Europe reacted differently to Trump’s new policy. Natural gas prices increased amid the threat of Trump’s threatened punitive tariffs.