, Columnist
Trump Tariffs Are a Gift for OPEC and Russia. Not Shale
Domestic production is nowhere near able to replace imports for pipelines.
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President Donald Trump's planned 25 percent import tariff on steel is a gift to OPEC and Russia.
His announcement last week will surely play well in steel towns, as its aim is to protect American producers from "unfair" competition from cheaper foreign suppliers. However, it will inevitably drive up costs for the nation's oil and gas producers. And that could be bad news for the resurgent shale industry, which has set the U.S. on the road to becoming the world's top oil producer.