Trump’s Latest Executive Orders May Be Burdensome for Oil
- Trump signed temporary travel ban on people from 7 countries
- Halliburton advises affected workers not to come to the U.S.
Halliburton workers.
Photographer: Andrey Rudakov/BloombergOil-services giant Halliburton Co. told employees to stay put. An oil trade group is concerned by the proposed border tax. Another global oil company is reconsidering whether to place a crude trader in Houston. And universities that train energy workers across the country estimated that hundreds of students may be affected.
Of all the energy sectors that may feel the pain of President Donald Trump’s executive orders, including temporarily banning people from seven majority-Muslim countries and raising border tariffs, oil and natural gas companies -- industries he vowed to help during his election campaign -- stand to be hit the hardest. On Monday, energy companies led declines in the Standard & Poor’s 500 Index. The American Petroleum Institute said Tuesday it was "concerned" by Trump’s border tax adjustment.