Big Oil loses faith in Donald Trump, warning his tariffs are a risk to demand
Houston — Big Oil is losing faith in US President Donald Trump’s pledges to build the US into a self-reliant energy superpower. Top executives from ExxonMobil, Chevron and Total all took shots at Trump’s trade plans at the World Gas Conference in Washington, expressing concern that US tariffs are a risk to oil and gas demand, and that restrictions on importing steel could impede one of the country’s fastest growing major industries. An executive from BP targeted Trump’s plan to "bail out" unprofitable coal and nuclear power plants. The common thread: restricting trade hurts investor confidence, risking major energy projects from shale pipelines to gas export terminals. It’s a reversal from six months ago when Big Oil was singing Trump’s praises for slashing corporate taxes. "The risk of trade skirmishes or trade wars starts to weigh on people’s perceptions of economic growth in the future," Chevron CEO Mike Wirth said in a panel discussion with Exxon CEO Darren Woods. "From a demand...
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