U.S. President Donald Trump laid out his administration’s energy agenda at the World Economic Forum 2026 in Davos, strongly backing oil, gas and nuclear power while sharply criticising renewable energy policies in the U.S. and Europe.
Trump said domestic energy policy under the previous administration had weakened America’s position.
“Domestic oil leases fell by 95% under Joe Biden, 1200 major power plants had been shut,” he said. He contrasted that with current production levels, noting that “US natural gas production is at an all time high, oil production up by 730,000 barrels a day.”
On Venezuela, Trump highlighted a renewed engagement tied to energy security. “Venezuela was great country 20 years ago, we will be picking up 509 million barrels from Venezuela,” he said, adding, “We appreciate cooperation from Venezuela after the attack ended. Venezuela said lets make a deal after the attack, more people should do that. Every major oil company coming with us to Venezuela.”
Trump also outlined a major push towards nuclear power. “Have signed an order for approving many new nuclear reactors, going heavy into nuclear,” he said. Acknowledging earlier concerns, he added, “Didn’t like the risk initially, but seeing significant safety progress. We can have it now, at good prices.”
He said large corporations have been allowed to build their own power plants to ensure energy availability.
Taking aim at renewable energy, Trump dismissed green policies outright. “Green new scam is the biggest hoax. Windmills are destroying land, losing money,” he said. He criticised Europe’s energy situation, claiming, “Germany produces 22% less electricity that it did in 2017. UK sits on massive oil reserves in the north sea, yet struggling for energy. They make is impossible to drill in the north sea.”
He said high power costs were hurting households and industry. “UK’s electricity prices have soared 139%, there are windmills all over Europe, they are losers,” Trump said, while arguing that renewable manufacturing benefits China. “China makes all the windmills, but not able to see a single windfarm in China. They make windmills to sell to stupid people, they mostly use coal. China is shocked that people continue to buy windmills, stupid people buy them.”
Trump maintained that his electoral mandate had prevented a deeper crisis. “Due to my landslide elections, US avoided catastrophic energy collapse,” he said. He also asserted U.S. dominance in technology, quipping, “We are leading China by a lot in AI.”
