>> Vowing to liberate American business from what he calls the harmful effects of too much red tape. President Donald Trump wants to slash regulations across the board.>> We're cutting regulations massively for small business and for large business, but they're different.>> But at least one industry is warning investors not to get over excited about Trump's big rollback plans.
Reuters Energy Correspondent Rich Valdmanis.>> Trump's administration describes environmental regulation as a big problem, a job killer. A hindrance to production and obstacle to the US dream of energy and independence. The oil industry describes it to its shareholders at least, as a headache that has no material adverse impact on it's operations or it's finances.
>> That's because even under Obama era regulations, oil productions still boomed by 50%. And scanning through annual reports of some of America's biggest oil and gas producers, Reuters has learned few think getting oil out of the ground is a problem. And so they don't think looser regulations will help all that much specially when it comes to lifting their stock prices.
But that's not to say, fewer rules won't be welcomed with open arms.>> The oil and gas drilling industry seems focused on making sure that the Trump administration drops any Obama era plans to increase regulation on hydraulic fracturing. Which is the technology that's allowed oil and gas production in the United States to grow so much.
>> Fracking lead to the American Energy Revolution, but also resulted in something else, a crash in prices. With the world now swimming in oil, prices are back down below $50 a barrel in the US. Experts say, it's the price and not Trump's deregulation plans that will have the biggest impact on the industry's future.