President Donald Trump said he will announce a 50% tariff on imported copper on July 8, an effort to boost U.S. production of a metal critical to electric vehicles, military hardware, the power grid and many consumer goods.
Kinetik CEO Jamie Welch said the U.S. oil and gas industry’s products are “born and bred … in our backyard,” and therefore should get exemptions from the tariffs impacting the materials needed to drill and move hydrocarbons.
Lee Zeldin, the Environmental Protection Agency’s administrator, as well as other cabinet members said President Donald Trump’s tariff negotiations will improve, rather than diminish, the U.S.’ business outlook.
Oil could range from sub-$50 to $75, depending on how tariffs shake out.
The oil and gas industry is bracing for the near-term impacts of Trump’s tariffs as oil prices fall, steel prices rise and M&A slams on the brakes.
Oil prices swooned on April 3 to settle with their steepest percentage loss since 2022, after OPEC+ agreed to a surprise increase in output the day after U.S. President Donald Trump announced sweeping new import tariffs.
Tariffs may bring short-term pain, but Trump is aggressively pursuing goals that benefit the U.S., says Cornerstone Government Affairs’ Jack Belcher.
Sanctions, tariffs and production strategies are buffeting crude markets as wild cards like tariffs and geopolitical conflicts make headlines.
U.S. futures rose by a dollar and then turned negative over the course of Trump's press conference on April 2 in which he announced tariffs on trading partners including the European Union, China and South Korea.
The risk to U.S. oil and gas production comes from within, and a recession looms on the horizon.