What President Trump's oil leaders want

Oil and gas leaders met President Trump in the White House on Wednesday as they seek to influence him on prices, tax credits and deregulation.

Some industry leaders, who have spent more than $ 75 million to help elect Trump, are increasingly frustrated by his program. The prices make essential materials like more expensive steel pipes while vibrating consumer confidence.

Oil prices have dropped approximately 14% since Mr. Trump took office, less than $ 67 a barrel. Peter Navarro, a Senior White House assistant, spoke of the advantages of oil that sells for only $ 50 a barrel. At these prices, companies operating in large strips of American oil patch would lose money to train new wells.

Here are some of the industry priorities:

Price

American refineries buy oil from Canada and Mexico, transform it into fuels like petrol, then export these more precious products. These commercial links have been created for decades and would be difficult and expensive to disentangle.

Trump announced 25% of imports on imports from Canada and Mexico with a rate of 10% for Canadian energy products. But this month, he delayed these prices on most goods, including the energy imported as part of a North American trade agreement, Trump negotiated during his first mandate. This stay should end in early April.

The 25% price on imported steel which has entered into force this month is also a great concern for managers. The metal is used in everything, from pipelines to wells, and it becomes more expensive because of the price. Some leaders hope that they will be able to obtain exemptions, although Mr. Trump has rejected this idea.

Allow reform

Energy companies push Mr. Trump and the congress to facilitate the authorization of the rules to facilitate the construction of transmission lines, pipelines and other infrastructure. Many companies want to make it more difficult for states to block the proposed projects and for environmentalists and others to bind them before the courts.

If you want more energy in the United States and want more investment in the United States, we must be able to start things again. Ive has repeatedly heard Chris Wright, the new secretary in the United States of energy, said last week, summarizing the comments of the leaders he met at the Global Ceraweek conference by S&P in Houston. My answer is: give me details. What permit? What was the thing?

Natural gas exports

Earlier Wednesday, the Department of Energy granted conditional approval to a large natural gas export project on the Gulf coast, known as CP2 LNG. This is an area where oil and gas companies and Trump administration are aligned: the two want to sell more natural gas abroad.

Former President Joseph R. Biden Jr. paused in January 2024 to study how projects would affect climate change, among other concerns.

Natural gas is mainly composed of methane, a powerful greenhouse gases that can flee wells, pipelines and other infrastructure. Burning natural gas also produces carbon dioxide, another greenhouse gas, although much less than burning coal.

Biden administration has finally noted that a sharp increase in American exports could cause a modestly increase in greenhouse gas emissions and create pollution in communities near export terminals. A separate study published this month by S&P Global revealed that larger American exports would help maintain a lid on global emissions because gas would move other dirty energy sources.

The CP2 developer, Venture Global, was waiting for more than three years for the approval of the energy services. The ministry said on Wednesday that it granted approval because the project would help the American economy and contribute to the country's energy security and its allies.

Tax credits

Some oil and gas companies wish to preserve the credits of clean energy tax for the production of hydrogen and renewable fuels, as well as to capture and store carbon dioxide, the main cause of climate change.

Vicki Hollub, Managing Director of Western Petroleum, a large American oil company that has built a carbon capture factory in western Texas, pushes to preserve federal incentives to eliminate air greenhouse gases. This tax credit is known as 45q according to its place in the tax code.

To accelerate technology to the pace that the United States needs to accelerate to start having a positive impact on our energy independence, we need 45q to perform and to stay in place, Hollub told Ceraweek.

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