Rolling back the Obama administration’s regulations on the oil and gas industry will be a priority for Donald Trump, the president-elect’s top adviser on energy has said. Harold Hamm, the billionaire chief executive and majority owner of Continental Resources, the US shale oil producer, told the Financial Times that he expected Mr Trump to prioritise tax cuts and deregulation as ways to stimulate economic growth. “It worked well for Ronald Reagan to lower taxes, put American people back to work, and deregulate,” he said. “So those are the two guiding principles, I believe, that Donald Trump will go forward with.” During the election campaign Mr Trump promised to cut regulations on oil and gas production, open up new areas for drilling, and scrap the Obama administration’s Clean Power Plan, intended to curb carbon dioxide emissions from electricity generation. Hopes that Mr Trump’s policies would benefit oil, gas and coal companies boosted many of their share prices on Wednesday. Shares in Foresight Energy, an Illinois-based producer of coal for power generation, rose 24 per cent. Peabody Energy, the world’s largest coal miner, rose 50 per cent to its highest level for almost a year, even though it went into bankruptcy protection in April.