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Trump’s Tariffs Raising Costs For The U.S. Oil And Gas Industry – And Americans

August 31, 2018

Via: Forbes

”We’re now seeing the impacts of the steel tariffs flow through and they’re affecting, of course, tubulars and other steel products that we use. We can see steel easily compared to last year would be 20% to 25% over last year’s cost for the same products,” Timothy Dove, CEO, Pioneer Natural Resources, leading producer in the Permian basin, largest oil field and the second largest natural gas field in the U.S.

We knew it would happen. We were warned about it from the industry itself. The Trump administration’s trade war has been a a major threat to oil prices, and its 25% tariff on imported steel in particular has started to increase costs for U.S. oil and gas producers.

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