President Trump has put unleashing American energy production at the center of his economic agenda, saying that ramping up fossil fuel production will lower inflation and end a cost of living crisis that has seen prices rise for staples like apples, bacon, and eggs. He declared a “national energy emergency” on Monday and said that high energy costs “devastate American consumers” by driving up the cost of transportation, heating, farming, and manufacturing. Speaking to business leaders at the World Economic Forum in Davos on Thursday, the president renewed his pledge to unlock the “liquid gold” that the United States possesses. But economists and analysts remain skeptical of Mr. Trump’s ability to influence energy costs – which are predominantly determined by global markets – and engineer an inflation cure-all.
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