President Donald Trump signed an executive order on Tuesday to boost oil and gas production at U.N.-sanctioned shale fields.
The president’s order directs the Environmental Protection Agency (EPA) to consider granting permits for the drilling of oil and natural gas in the U.K., Norway, Iceland, Norway, and Alaska.
The EPA will also “develop an oil-drilling program that addresses the impact on climate and the environment of oil extraction,” the White House said in a statement.
The order “is not a big deal,” White House spokesman Raj Shah told Recode.
“The president has already given the green light to oil and other fossil fuels production in the United States and we have not had to issue permits to drill in the last five years.”
But the president’s executive orders have the potential to push up oil prices and increase the likelihood of new supply.
The shale oil industry has been hit hard by the global downturn.
The U.KS. oil and shale oil sector has experienced an average drop in revenue of around $60 billion a year since 2015, according to the Oil and Gas Journal.
That’s because of an increase in U.C.L.A. shale production, which was estimated to have reduced global supply by almost 40 percent by 2020.
This has forced companies like ConocoPhillips to reduce drilling in the North Sea, which is considered one of the most profitable areas of the U,U.K. and Norway.
In 2017, the U