Letter from the US: Trump’s protectionism threatens oil and gas industry
A trade war may damage US economic growth, with commodity producers the ultimate losers if history is a guide
Donald Trump’s election has pleased everyone in the US oil and gas sector. The individuals and firms celebrating Trump’s promises to reduce regulation and increase domestic oil production should “have been careful what they wished for”, however, because the president-elect also plans to implement an aggressive worldwide trade war. This war will likely proceed even though liberal and conservative economists alike warn that such actions generally depress economic growth. A look at the history books and the post-First/Second World War and Great Depression trade battles illustrate how commodity producers also end up losers. If history repeats, Trump may be touting the return of $1/gal gasoline w
Also in this section
1 April 2026
Golden Pass’s startup offers QatarEnergy a timely boost but may also force a difficult choice between honouring disrupted contracts and capitalising on soaring spot LNG prices
1 April 2026
It is not a case of if or when, but the length and magnitude of economic damage from elevated oil prices
1 April 2026
The US-Iran conflict demonstrates the need for diversification in several senses of the word. It also exposes the limits of Washington applying pressure on major oil and gas producers it considers geopolitical adversaries
31 March 2026
Disappointing results in its bidding round are a reality check for Libya, and global exploration generally
