Investing.com -- The White House is shifting priorities for the U.S. Energy Department’s loan office to support oil and gas infrastructure, according to a top aide to President Donald Trump.
Jarrod Agen, deputy assistant to the president and executive director of the National Energy Dominance Council, said Tuesday at a Politico energy conference that the Loan Programs Office (LPO) should fund fossil fuel projects.
"One of the big problems is, in the past the ... loan program office has been used for a lot of these renewable projects," Agen stated.
The LPO, which expanded significantly during President Joe Biden’s administration, has hundreds of billions of dollars in loan and loan guarantee capacity. The office was designed to finance promising emerging energy projects that struggle to secure traditional bank financing.
"So, yes, we want to invest more and prioritize projects that are oil and gas-related, nuclear-related," Agen said.
Trump’s newly formed energy dominance council has concentrated on boosting the already record-high oil and gas production in the United States while reducing climate and pollution regulations on fossil fuels.
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