Texas Oil Bash: Big Oil's Party Under Trump

The oil industry's biggest gathering in Texas was a mix of celebration and worry. The event, held in Houston, saw industry leaders boasting about their influence and the Trump administration's support for increased energy production. The mood was upbeat, with executives praising Trump's policies. The energy secretary, Chris Wright, kicked off the conference by highlighting the administration's push for more American energy production. Days later, the interior secretary, Doug Burgum, echoed Trump's "drill, baby, drill" mantra and promised significant cuts to US regulations. Executives who had previously focused on sustainability were now singing Trump's praises. The CEO of Saudi Aramco, Amin Nasser, dismissed the shift away from fossil fuels as a failure. Larry Fink, head of BlackRock, wore a bracelet that read "make energy great again. " Even BP, once seen as a climate leader, called for increased US gas output. The conference was a lavish affair. Tickets cost over $10, 000 and included fancy meals and unlimited drinks. One party, hosted by Williams and EQT, was a 1990s-themed bash with a live band. The event was named "Nothin' But a Gas Thang. " Not everyone was happy with the industry's direction. Hundreds of activists protested outside the conference, chanting for clean air and against billionaire interests. Police arrested eight protesters as they marched toward the venue. Despite the celebration, there were signs of worry. Trump's tariff threats and policy swings were creating uncertainty. Some executives called for stability, noting that regulatory uncertainty can be worse than too much regulation. Even Trump's biggest supporters expressed concern about the future of tax credits and the impact of increased oil production on prices. The conference made one thing clear: the US is not close to reducing fossil fuel production. The energy secretary, Wright, described global warming as a side effect of modernization. The interior secretary, Burgum, called for turning natural resources into assets. This attitude could have major climate consequences, experts warn.

Texas Oil Bash: Big Oil's Party Under Trump

Continue Reading...

Actions