American Oil and Gas Reporter - December 2024 - 29

earth minerals and computer components.
" Trump wants to increase or create incentives
to bring back companies that
have relocated outside U.S. borders, " he
relates. " Think back to the pandemic,
when we were suddenly struggling to
get personal protective equipment into
the country because so much of it was
controlled by countries that are not our
closest allies. "
and damage the industry and economy.
" We have made this point before Congress,
but as an institutionalized notion
within Trump's circle, this is a tough nut
to crack, " Ingham adds. " I pick Trump
over the other candidate, hands down,
every day the week and twice on Sunday,
but I take issue with his approach to trade. "
" That is going to be a hugely important
subject for us to discuss with him, " Naatz
" Why is it good to save an American steel job at the cost
of an American oil and gas job? Protectionism increases
costs throughout the economy. I pick Trump over the other
candidate, hands down, every day the week and twice on
Sunday, but I take issue with his approach to trade. "
Karr Ingham
TAEP President
As an economist who wears free market
views on his sleeve, Ingham acknowledges
Trump's trade stance often troubles
him. " We lived with this in the first
Trump administration, " Ingham notes.
" Protectionism is his worldview and he
truly seems to believe it makes America
better and stronger. "
" There is a lot of evidence that it does
not, " he continues. " Protectionism weakens
a domestic economy. Without a doubt, it
props up workers in certain industries,
but most of the time no one mentions
workers in other industries and broader
economic harm. "
Ingham recounts making precisely that
point about the steel and aluminum tariffs
Trump's administration announced in
2018. " Why is it good to save an American
steel job at the cost of an American oil
and gas job? " he poses. " Protectionism
increases costs throughout the economy. "
And then there are the risks that imposing
tariffs on imported goods will
prompt countries to do the same on U.S.
exports. " We want to export more U.S.
crude oil and liquefied natural gas, but it
is likely that our trade partners will
retaliate against us, which is risky for
U.S. exports of crude oil and LNG going
forward, " Ingham says. " Anything that
jeopardizes energy trade will be costly
maintains. " It is very important for the
country to have a reliable trade policy
that allows companies to count on secure
contracts. We will have to have a long
discussion about this, not only with the
administration, but with the industry as a
whole and other trade groups. "
Beyond D.C.
November's elections not only saw
the GOP recapture the White House, but
the Senate as well. Republicans also
maintained a slim majority in the U.S.
House of Representatives. With Republicans
controlling the presidency and both
chambers of Congress, Naatz predicts
the party will take an aggressive approach.
" Reconciliation may be a way to move
forward on matters such as taxes, " he
predicts. " Even before we knew the outcome
of the election, we were talking
about a massive tax bill. I think we also
will see a big push to address a number
of regulatory issues if they can be done
congressionally, then also moving forward
on a variety of other issues. "
State level election results also generally
appear positive for the industry throughout
the country. Ness, for example, says North
Dakota's state government will enter 2025
with a similar stance toward the industry
as in 2024. " It is status quo, " he affirms.
GOD
BLESS
AMERICA!
propx.com
http://www.propx.com
American Oil and Gas Reporter - December 2024

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