"The Surprising Reasons Why Big Oil May Not Want A Second Trump Term"

"Some oil and gas industry executives fear Donald Trump’s protectionist policies could spark a global trade war".

"HOUSTON — As president, Donald Trump vowed to unleash American “energy dominance,” while on the campaign trail, he has summarized his energy policies with the slogan “drill, baby, drill.”

Yet a possible Trump victory in the 2024 election is not delighting oil and gas executives as much as one might expect, according to interviews with several industry leaders at a recent energy conference in Houston.

Fossil fuel firms have found a lot to like in President Biden’s signature climate law, the Inflation Reduction Act, which Trump has vowed to unravel. The law offers lucrative tax credits for companies to capture and store carbon dioxide — subsidies that several oil giants are eager to exploit, even as they pump record amounts of crude oil and post near-record profits.

In addition, Trump has championed an “America First” approach to trade policy that prioritizes steep tariffs on imported goods. The approach could hike the costs of building new pipelines and other energy infrastructure, and it could heighten anxieties about a global trade war."

Maxine Joselow reports for the Washington Post March 26, 2024.

Source: Washington Post, 03/27/2024