The Globe and Mail reports in its Thursday edition that President Donald Trump has vowed to usher in a hydrocarbon renaissance in efforts to fuel global energy dominance and kick-start economic growth. A triple-bylined item led by Jeffrey Jones says that one of his first moves after taking the oath of office Monday was to declare a national energy emergency, stating that oil and gas development, production, transportation and refining for the country's power generation are inadequate to meet U.S. needs. He will also push the petroleum industry to bolster exports. "We will drill, baby, drill," the President asserted in his inaugural speech. Whether the oil and gas industry can live up to his grand ambition is an open question. There are geological, financial and logistical limitations to massive increases in production. Meanwhile, crude markets are "not entirely optimistic" owing to a combination of slowing demand growth, output increases from nations that are not members of OPEC, and expectations that OPEC producers will unwind their production cuts, TD Securities strategists Bart Melek and Ryan McKay said in a report Wednesday, adding new wells require an oil price of $59 (U.S.) to $70 (U.S.) a barrel to break even.