POLITICO Energy How Trump is testing the oil industry’s patience
Apr 15, 2025
The podcast dives into the growing tensions between President Trump and the oil industry, as his economic policies threaten their profits. It highlights the industry's struggles with tariffs and their push for waivers. Additionally, a report reveals significant gaps in the oversight of U.S. offshore wind development, raising concerns about effective governance and engagement with stakeholders. These discussions illuminate the complexities of energy policy in the current political climate.
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Oil Industry's Economic Downturn
- The oil industry faces an economic downturn due to Trump's trade policies.
- The tariffs on steel, a crucial material, and the expected slowdown in demand are hurting profits.
Oil Industry's Behind-the-Scenes Efforts
- The oil industry tried to lessen the negative impacts of Trump's trade policies behind the scenes.
- They lobbied for waivers on steel tariffs, but their efforts have been unsuccessful so far.
Hope for Tax Cuts
- Some in the oil industry hope that Congressional Republicans can offset the tariff pain.
- They're looking for tax cuts in the anticipated reconciliation package to compensate for increased steel costs.