U.S. oil and gas producers are thrilled that President Donald Trump wants to encourage domestic energy development but say his decision to withdraw the United States from international climate cooperation will not help their investment plans in the global transition to cleaner energy.

Big U.S. oil companies believe Trump's withdrawal only limits Washington's ability to influence an ongoing global energy transition and exposes them to an uneven regulatory environment.

Within hours of taking office, President Trump declared a national energy emergency as part of his plan to push for more oil and gas drilling and to heavily boost fossil fuels. He also started a process to reverse much of what the Biden administration did on greener energy.