Oil and gas executives are set to meet President Trump at the White House to discuss pressing concerns over tariffs, tax credits, and deregulation. The industry, which heavily supported Trump's election with over $75 million, is facing rising costs from tariffs, particularly on steel. With oil prices dropping around 14% since Trump's inauguration, executives are worried that these financial pressures will hinder profitability. They aim to influence tariffs on crucial imports from Canada and Mexico, and seek exemptions for steel tariffs impacting their operations. The meeting aims to address these pressing issues before upcoming tariff implementations.
Oil executives are becoming increasingly frustrated with tariffs that are raising costs for essential materials, impacting their operations and profitability amid falling oil prices.
The industry is pressing Trump to reconsider tariffs, especially the 25 percent on imported steel that is critical for infrastructure like pipelines and drilling.
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