{"id":2377,"date":"2025-01-27T18:41:35","date_gmt":"2025-01-27T18:41:35","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/oil-companies-embrace-trump-but-not-drill-baby-drill\/"},"modified":"2025-01-27T18:41:35","modified_gmt":"2025-01-27T18:41:35","slug":"oil-companies-embrace-trump-but-not-drill-baby-drill","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/oil-companies-embrace-trump-but-not-drill-baby-drill\/","title":{"rendered":"Oil Companies Embrace Trump, but Not \u2018Drill, Baby, Drill\u2019"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">President Trump is swinging American energy policy sharply in favor of fossil fuels, but oil and gas companies say those changes won\u2019t push them to engage in the frenzy of new drilling that Mr. Trump wants.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The oil industry is thrilled by Mr. Trump\u2019s executive orders, which are designed to make life harder for renewable energy companies and easier for oil, gas and pipeline businesses. But on the critical question of whether his policies will lead to more oil and gas production \u2014 one of Mr. Trump\u2019s central goals \u2014 industry executives say not unless prices rise a lot, something the president says he will not stand for.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s aim is to support oil and gas by loosening the rules that govern extracting, transporting and exporting fuels while kneecapping the competition, including wind turbines, electric vehicles and other low-emissions technologies. That\u2019s a powerful market signal, but not enough for companies to \u201cdrill, baby, drill.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWhat you are seeing is a huge amount of positivity,\u201d said Ron Gusek, president of Liberty Energy, an oil field services company whose chief executive was picked by Mr. Trump to lead the Energy Department. \u201cBut it\u2019s too early to say that that\u2019s going to translate into a change in actual activity levels here in North America.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">For drilling and fracking to pick up substantially, oil and natural gas prices would have to rise, executives say, an outcome that is at odds with Mr. Trump\u2019s goal of stemming inflation by reducing the cost of energy. Oil companies won\u2019t spend money on production, which is already near record levels in the United States, if they are not confident that they can make money from the extra fuel they churn out.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Further complicating the president\u2019s efforts to increase domestic production is that the industry generally is more focused on keeping spending in check than it was during his first term. Wall Street firms used to invest in fracking companies that grew quickly. Now, investors want to back profitable operators.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">An index of U.S. oil and gas companies lost about 3 percent of its value last week as oil prices slid below $75 a barrel. The index lost additional ground on Monday as oil prices slid below $73 a barrel. Natural gas prices, which often rise in the winter, have surged recently as much of the country contended with very cold weather.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">That said, there are early signs that the market is responding to some of Mr. Trump\u2019s statements and orders.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Prospective customers have expressed more interest in inking long-term deals for U.S. gas exports since Mr. Trump was elected, said Ben Dell, a managing partner of the energy investment firm Kimmeridge.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cPeople want to be early and in the forefront of signing up for U.S. products to try and stave off potential tariff threats,\u201d said Mr. Dell, whose firm has a majority stake in Commonwealth LNG, which is awaiting federal approval for a proposed gas-export plant on the Gulf Coast.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump\u2019s declaration of a national energy emergency \u2014 paired with other executive orders \u2014 amounts to a promise to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/21\/climate\/trump-energy-fossil-fuels.html\" title=\"\">test the limits of presidential power<\/a> to ensure demand for fossil fuels remains robust. It\u2019s a sharp reversal from his predecessor\u2019s agenda, which aimed to push the nation away from fuels that are primarily responsible for climate change.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">On his first day in office, Mr. Trump <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/20\/climate\/trump-emergency-oil-gas.html\" title=\"\">instructed the Energy Department<\/a> to restart permitting reviews of gas-export facilities, a process that President Joseph R. Biden had paused, though a federal judge later <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/07\/01\/climate\/federal-judge-biden-gas-exports.html\" title=\"\">ordered the administration to lift that pause<\/a>. The president has also threatened to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/22\/us\/politics\/trump-tariffs-trade-mexico-canada-china.html\" title=\"\">place tariffs on a wide range of trading partners<\/a>, including Canada and Mexico, which are close allies of the United States. (Depending on how they take shape, such levies could be extremely disruptive to the oil and gas industry, a highly global industry that relies on imported materials and fuels.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The results of Mr. Trump\u2019s pro-fossil fuel agenda will become clear over months and years. If anything, the past decade is a reminder that presidents can do only so much to prop up or stymie different sources of the energy.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">U.S. oil and gas production rose to record heights under Mr. Biden, even as he sought to push the country toward cleaner alternatives. Mr. Trump\u2019s efforts to <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2020\/10\/05\/us\/politics\/trump-coal-industry.html\" title=\"\">support \u201cclean, beautiful coal\u201d<\/a> during his first term were no match for cheap natural gas that ultimately outcompeted coal in the market. U.S. coal consumption fell more than a third during Mr. Trump\u2019s first term, federal data show.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The executive orders Mr. Trump signed last week lay out a road map for making it easier and cheaper to produce oil and gas \u2014 and harder and more expensive to build equipment that would help people reduce their use of fossil fuels.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">He ordered federal agencies to stop issuing leases and permits for all new wind projects pending a new environmental review. The <a class=\"css-yywogo\" href=\"https:\/\/www.doi.gov\/document-library\/secretary-order\/3415-temporary-suspension-delegated-authority\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Interior Department then placed a 60-day freeze<\/a> on authorizing new solar arrays and other renewable energy projects on public lands.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In another executive order, Mr. Trump defined energy to include oil, coal, natural gas, nuclear, geothermal and hydropower \u2014 pointedly excluding wind turbines and solar panels. He also <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/21\/business\/trump-ev-subsidies.html\" title=\"\">told agencies<\/a> to stop distributing money that Congress had set aside for products like the installation of fast charging stations along highways. Legal experts have said that presidents <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/21\/business\/trump-ev-subsidies.html\" title=\"\">cannot stop congressionally authorized spending<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But some green energy investors are already pulling back. After Mr. Trump won November\u2019s election, RWE, a German firm, <a class=\"css-yywogo\" href=\"https:\/\/www.rwe.com\/en\/investor-relations\/financial-calendar-and-publications\/news-and-ad-hoc-announcements\/news\/news-2024-11-12\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">announced<\/a> that it would slash spending on U.S. offshore wind development, saying that the risks for new projects there had increased. <\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Within oil and gas, companies are particularly encouraged by Mr. Trump\u2019s pledge to make it easier to build pipelines, though doing so is likely to take years because Congress would need to pass new legislation and opponents most likely will seek to block projects by challenging them in court.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Today, it is especially tricky to build pipelines that cross state lines. Companies have <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2024\/09\/16\/business\/energy-environment\/pennsylvania-fracking-natural-gas-trump-harris.html\" title=\"\">all but given up on building long-distance pipelines in the Northeast<\/a> after earlier projects faced substantial litigation, as well as opposition from state and local officials.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">As a result, companies can move only so much natural gas out of Appalachia, one of the country\u2019s most prolific gas regions, constraining production in states like Pennsylvania and depressing prices locally. Several hundred miles away, in places like Boston, gas is generally much more expensive.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWhat we\u2019re going to have our sights focused on is very long-term, durable permitting reform that allows us to get things built here in the U.S. in a responsible manner,\u201d said Alan Armstrong, chief executive of Williams, one of the country\u2019s largest natural gas pipeline operators.<\/p>\n<p class=\"css-798hid etfikam0\">Brad Plumer<!-- --> contributed reporting.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/01\/27\/business\/energy-environment\/oil-trump-drill-baby-drill.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Trump is swinging American energy policy sharply in favor of fossil fuels, but oil and gas companies say those<\/p>\n","protected":false},"author":1,"featured_media":2378,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[185,103,754,749,239,114,750,363,133,135,181,182,338,104,753,413,747,186,752,364,134,748,751,305,113,168,111,131],"class_list":["post-2377","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-alternative-and-renewable-energy","tag-biden","tag-canada","tag-commodities","tag-customs-tariff","tag-donald-j","tag-energy-and-power","tag-energy-department","tag-executive-orders-and-memorandums","tag-fees-and-rates","tag-global-warming","tag-greenhouse-gas-emissions","tag-international-trade-and-world-market","tag-joseph-r-jr","tag-liberty-energy-inc","tag-mexico","tag-natural-gas","tag-oil-petroleum-and-gasoline","tag-pipelines","tag-presidential-transition-us","tag-prices-fares","tag-production","tag-protectionism-trade","tag-stocks-and-bonds","tag-trump","tag-united-states","tag-united-states-politics-and-government","tag-wind-power"],"yoast_head":"<!-- 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