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.
Maxine Joselow reports for The Washington Post.
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.
