Trump's Climate Withdrawal: Big Oil's Investment Dilemma

U.S. oil and gas producers support President Trump's focus on domestic energy but are concerned about his withdrawal from international climate agreements. Big Oil believes this move hinders their global energy investment plans and creates regulatory uncertainty. Despite Trump's stance, the industry supports the Paris Agreement's ambitions.

U.S. oil and gas producers are enthusiastic about President Donald Trump's push to promote domestic energy development. However, they express concern over his decision to withdraw the country from international climate cooperation, which they believe could hinder their investment strategies in the global transition towards cleaner energy.

This policy shift marks a point of contention between Trump and a key constituency, Big Oil, long seen as contributing to climate change due to its fossil fuel activities. The exit from the Paris climate agreement, one of Trump's immediate actions upon taking office, signals a departure from multilateral climate efforts.

Industry leaders, like the U.S. Chamber of Commerce's Global Energy Institute and the American Petroleum Institute, stress the importance of remaining in the Paris Agreement to mitigate long-term policy uncertainty and advance energy technologies, including green hydrogen and carbon capture, despite Trump's competitive reservations about the pact.

(With inputs from agencies.)