trade wars
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Big Oil's mixed feelings about another Trump presidency
Despite Donald Trump's pro-fossil fuel stance, some oil and gas executives are wary of his potential return due to concerns over trade policies and the dismantling of beneficial climate law provisions.
In short:
- Oil and gas leaders appreciate certain aspects of President Biden's Inflation Reduction Act, fearing Trump's plan to dismantle it.
- Trump's "America First" trade policy and potential global trade wars worry the industry, despite previous support for his fossil fuel agenda.
- The industry's reaction to the potential return of Trump is mixed, balancing between business benefits under Biden's policies and personal grievances against them.
Key quote:
"If you're asking people personally, they're probably tired of being told they're bad people by the current administration. But from a business objective standpoint, it would be a much more balanced perspective."
— Alan Armstrong, president and CEO of gas pipeline company Williams
Why this matters:
While a second Trump administration may promise deregulation and support for fossil fuel production, the complexities of global energy markets, environmental concerns, and the shift toward renewable energy sources present a more nuanced scenario for oil and gas executives.
Be sure to read Derrick Z. Jackson’s 2020 piece: Trump's polluted policies leave children in bad air.
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