NGI’s Hub & Flow How Will the Trump Administration Impact the Global Natural Gas Market? A Deep Dive With Ed Crooks
Feb 25, 2025
Ed Crooks, Vice Chair for the Americas at Wood Mackenzie, offers expert insights into the shifting landscape of the natural gas market under the Trump administration. He discusses the implications of new tariffs and their impact on North American pricing and trade relations with Canada and Mexico. The conversation touches on the future of LNG supply amidst a slowing transition to renewables and explores whether the U.S. is facing an energy emergency as AI technology develops. Crooks also highlights Europe's escalating natural gas challenges amid geopolitical tensions.
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Tariff Impacts on Natural Gas Prices
- US tariffs could impact natural gas prices through various routes, like tariffs on Canada and Mexico, steel, and China.
- These tariffs might increase production costs and create uncertainty in the market.
Steel Tariff Implications for Oil and Gas
- Steel tariffs will increase the cost of oil and gas production, as they impact the price of OCTG.
- The oil and gas industry hopes to retain exemptions for OCTG to mitigate this impact.
Impact of Trump Administration on LNG Market
- The Trump administration is accelerating LNG project approvals, leading to increased supply.
- This will likely lower equilibrium prices and ease the supply-demand balance, but not cause a market collapse.