API believes the Department of Commerce’s ruling to deny product exclusions from Section 232 tariffs on imported steel could have negative consequences for America’s natural gas and oil industry and consumers that depend on affordable energy. The recent decision denies a product exclusion for a US natural gas and oil company despite a lack of domestic capacity to manufacture the product to the company’s exact specification.
“This ruling ignores the legitimate and critical needs of the natural gas and oil industry for global sourcing of specialty steel products essential to delivering energy to the American families,” said API Executive Vice President Marty Durbin. “The administration’s decision-making is not serving the interests of energy consumers and American businesses, as these tariffs are expected to increase the cost of sourcing steel for the oil and natural gas companies which in turn could increase the cost of energy to consumers. This is not the way to achieve the administration’s commendable goal of US energy dominance.”
“Section 232 tariffs threaten the affordability and abundance of energy produced in the US, energy that powers our economy and creates well-paying jobs for American workers. The administration should reconsider their trade policy decisions.”
Read the article online at: https://www.worldpipelines.com/business-news/18072018/steel-tariff-exclusion-rulings-harm-the-us-oil-and-gas-industry/