Lates News

According to Bloomberg's report on the 12th, the US oil industry is struggling under the double blow of US government tariff policies and falling oil prices, especially smaller producers are facing increasingly difficult situations. The report states that the US government's indiscriminate tariffs have harmed the interests of US oil producers, especially because most of the equipment they use is imported from China, South Korea, Brazil, and Mexico. The report cites a study by an industry consulting firm that predicts a 40% year-on-year price increase for the pipes used in the US oil industry in the fourth quarter of this year. Kirk Edwards, former Chairman of the Permian Basin Petroleum Association, bluntly stated that he finds it hard to believe that the US oil and gas industry is being used as a scapegoat in the entire tariff plan. The article mentions that compared to industry giants like ExxonMobil and Chevron, smaller US independent oil producers are facing increasingly difficult situations due to the US government's indiscriminate tariffs and falling oil prices. In the past few weeks, US independent oil producers have announced a total cut of $1.8 billion in spending, which is proof of their struggle.