President Trump has been a boon to the U.S. oil and gas industry since he took office last January, but his tough stance on trade the couple of past month threatens to reverse the substantial progress that’s been made.
Make no mistake, Trump’s tariffs on foreign steel and escalating trade tensions with China put America’s surging energy sector at risk. Tough trade talk may play well with the president’s Rust Belt voter base, but his protectionist actions are making the oil industry – not to mention agriculture and others – less competitive against OPEC at a time when it there’s a golden opportunity to further erode the cartel’s influence over prices.
