Trump Signs Executive Order To Undo Obama Drilling Bill
April 28, 2017
Senate passes stopgap funding to avoid government shutdown; Trump signs executive order to undo former President Obama’s limits on offshore oil and natural gas drilling; U.S. GDP Growth Slowed in First Quarter Amidst Tepid Consumer Spending; Consumer Sentiment Remains High Despitt GDP Report.
- Senate passes stopgap funding to avoid government shutdown. Congress passed a one-week stopgap funding bill on Friday to prevent a government shutdown on the 100th day of President Trump’s administration. Senators cleared the continuing resolution by voice vote shortly after the House voted 382-30 on the legislation. The measure will keep the government open through May 5 and give legislators more time to reach a larger agreement on an omnibus bill that would include funding for the rest of the fiscal year ending Sept. 30. [The Hill]
- Trump signs executive order to undo former President Obama’s limits on offshore oil and natural gas drilling. President Trump signed an executive order on Friday to being the process of undoing former President Obama’s limits on offshore oil and natural gas drilling, pitching his order as a massive job and economy booster. He said in a White House signing ceremony that Obama had closed off 94 percent of the country’s outer continental shelf, which “deprives our country of potentially thousands and thousands of jobs and billions of dollars in wealth.” The order came on Trump’s 99th day in office. He has now signed more executive orders in his first 100 days than any recent president. The offshore drilling policy is part of Trump’s promise to enable the production and use of more domestic energy, with an emphasis on fossil fuels. In addition to undoing the restrictions on offshore drilling, it also asks Interior Secretary Ryan Zinke to revise Obama’s plan for offshore drilling rights sales between 2017 and 2022. [The Hill]
Economic Indicators & News
- U.S. GDP Growth Slowed in First Quarter Amidst Tepid Consumer Spending. The U.S. economy slowed in growth the first months of the Trump administration and grew at the slowest pace in three years. Gross domestic product, or GDP, grew at a 0.7% annual rate in the first quarter from the preceding three months, according to the Commerce Department on Friday. Economic output has grown an average of roughly 2% during the nearly eight-year expansion. Yet the report on GDP released today failed to match the surging confidence expressed by consumers and businesses since the November election. The economy is maintaining the broader trend of subdued but steady growth. Economic output grew 1.9% in the first quarter compared to the same period a year earlier, and Fed officials predict that output will expand 2.1% this year. Consumer spending grew at the weakest rate since late 2009 in the first quarter, as Americans slashed purchase of big-ticket items such as cars. Businesses also decreased their inventories. Other signs showed strength, including increased company investment in facilities and equipment and a steady rise in exports. [WSJ]
- Consumer Sentiment Remains High Despitt GDP Report. Consumer sentiment about the U.S. economy remained high in April, the University of Michigan reported on Friday that its final reading of consumer sentiment was 97 in April, compared with March’s final reading of 96.9 and April’s initial reading of 98. The index is up 9% from April 2016. The index reflecting sentiment on current economic conditions rose 5.6% to 112.7 from last April, while the index of expectations rose 12% from a year ago to 87. The recent rise in optimism reflects a turnaround from consumer sentiment in October. [WSJ]