How will new tariffs and the ongoing trade war with China impact the U.S. oil & gas industry? Maine Pointe's Oil & Gas Industry Partner Tony Planos shares his insights on this topic. Tony is quoted throughout the article, predicting 30 years of growth in demand, even with factors that include China's push towards renewables, and steel tariffs impacting drilling and pipeline costs. This article offers insights into China's future goal of reaching GDP per capita parity with the US and OECD by 2050.
The North American oil and gas industry, despite numerous challenges, has a bright future for the next 30 years, although several mitigating factors need to be addressed to meet growth targets. While tariffs, trade wars, and China’s energy policy both present major considerations that must be dealt with, other factors include an eroding skill set, a push towards renewables and alternative energy, a need to adapt refineries to meet new decarbonization and desulfurization policies, and increased demand from the developing world.