Generic Hero BannerGeneric Hero Banner
Latest Market News

Trump wants policy of 'no windmills' being built

  • Spanish Market: Coal, Crude oil, Emissions, Natural gas, Oil products
  • 07/01/25

President-elect Donald Trump wants to pursue a policy to stop the construction of wind turbines, a move that could limit the growth of a resource projected to soon overtake coal and nuclear as the largest source of power in the the US.

Trump has spent years attacking the development of wind, which accounted for 10pc of electricity production in the US in 2023, often by citing misleading complaints about its cost, harm to wildlife and health threats. In a press conference today, Trump reiterated some of those concerns and said he wants the government to halt new development.

"It's the most expensive energy there is. It's many, many times more expensive than clean natural gas," Trump said. "So we're going to try and have a policy where no windmills are being built."

The US is on track to add more than 90GW of wind capacity by 2028, a nearly 60pc increase compared to 2024, the US Energy Information Administration (EIA) said in latest Annual Energy Outlook report. If that growth materializes, wind will become the second largest source of electricity in the US at the end of of Trump's term, overtaking coal and nuclear in 2027 and 2028, respectively, according to the EIA forecast.

Trump did not offer specifics on the policy, which he did not run on during his campaign. But the vast majority of wind capacity in the US is built on private land such as farms — largely in rural districts represented by Republicans — limiting the federal government's role. Trump could still threaten wind development by blocking projects on federal land, such as offshore wind projects, and working to repeal federal tax credits that subsidize wind.

Democratic lawmakers said blocking wind development will raise costs for consumers and reduce energy production. "Trump is against wind energy because he doesn't understand our country's energy needs and dislikes the sight of turbines near his private country clubs," said US Senate Finance Committee ranking member Ron Wyden (D-Oregon), who helped expand federal tax credits for wind through the 2022 Inflation Reduction Act. Wind energy industry officials also raised concerns with the policy, which they said conflicted with an all-of-the-above energy strategy.

"American presidents shouldn't be taking American resources away from the American people," American Clean Power chief executive Jason Grumet said.

'Gulf of America'

Trump today separately reiterated his vow to "immediately" reverse Biden's withdrawal of more than 625mn acres of waters for offshore drilling, and also said he would rename the Gulf of Mexico as the "Gulf of America", which he said was a "beautiful name".

In addition to expanding oil and gas production offshore, Trump said he will seek to drill in "a lot of other locations" as a way to lower prices.

"The energy costs are going to come way down," Trump said. "They'll be brought down to a very low level, and that's going to bring everything else down."

US consumers paid an average of $3.02/USG for regular grade gasoline in December, the lowest monthly price in more than three years. Henry Hub spot natural gas prices dropped to $2.19/mmBtu in 2024, the lowest price in four years. During his campaign, Trump said he would cut the price of energy in half within 12 months of taking office.


Related news posts

Argus illuminates the markets by putting a lens on the areas that matter most to you. The market news and commentary we publish reveals vital insights that enable you to make stronger, well-informed decisions. Explore a selection of news stories related to this one.

25/04/25

US tariffs create uncertain jet fuel outlook

US tariffs create uncertain jet fuel outlook

Houston, 25 April (Argus) — US airlines are signaling an uncertain outlook for jet fuel demand, with most withdrawing 2025 financial guidance because President Donald Trump's evolving tariff plans have made it difficult to predict travel demand. Delta Air Lines , American Airlines , Southwest Airlines and Alaska Airlines all withdrew financial guidance for the full year when reporting first-quarter earnings this month. Global economic uncertainty prompted United Airlines to provide two outlooks , one based on a weaker but stable economy and a second scenario in which the US falls into a recession. The uncertain demand outlook comes even as jet fuel costs are 11-15pc cheaper than a year earlier, with prices projected to fall to a 4-year low in 2025 . Much of the uncertainty stems from Trump's high and repeatedly changing tariff levels. He has imposed an across-the-board 10pc on imports from most trading partners, 25pc on some imports from Canada and Mexico and 145pc on most imports from China — and separately, a 25pc tariff on imported steel, aluminium, cars and auto parts. Beijing has responded with a 125pc tariff on imports from the US. The growing trade war has prompted the IMF to significantly lower its outlook for global economic growth in 2025-26. With no clear path on how to navigate the changing political and economic landscape, businesses and consumers have grown more cautious. Domestic and international air travel began to falter last month as Trump rolled out his trade policies. US airline passenger volumes declined by 15pc to 16.48mn passengers in the week ended 8 March, down from an eight-month high in the week prior. Brewing anti-American sentiment and concern about US immigration policy also may be lowering global demand for air travel to the US. The number of European travelers to the US totalled 1.03mn in March, lower by 15pc from the same month last year. This was the first time that European arrivals in the US fell on the year since March 2021, during the Covid-19 pandemic. By Craig Ross Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Phillips 66 ups Sweeny crude switching capacity: Update


25/04/25
25/04/25

Phillips 66 ups Sweeny crude switching capacity: Update

Adds CEO comment from earnings call Houston, 25 April (Argus) — US independent refiner Phillips 66 completed a project in the first quarter that allows it to adjust more of the crude slate at its 265,000 b/d Sweeny refinery in Old Ocean, Texas. The project will allow the company to switch about 40,000 b/d between heavy and light crude, Phillips 66 said today in an earnings release. The flexibility project was completed during a first quarter turnaround. Phillips 66 plans to run additional crude from the Permian basin in west Texas and eastern New Mexico through Sweeny, depending on market conditions, chief executive Mark Lashier said on an earnings call. The lighter crude from the Permian will displace imported heavy crude, he said. Several US refiners are exploring ways to run more lighter crude grades in the wake of new US tariffs and other actions that may limit the supply of heavier and medium grade crudes imported from trading partners. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

SLB taking steps to offset tariffs: Update


25/04/25
25/04/25

SLB taking steps to offset tariffs: Update

Adds details from call. New York, 25 April (Argus) — Oilfield services contractor SLB said it is taking proactive steps to offset the impact of US tariffs by reviewing its supply chain and manufacturing network, pursuing exemptions and talking to customers to recover related cost increases. "We have made progress on all these fronts in the last two weeks, and we are stepping up those actions across the organization as we speak," chief financial officer Stephane Biguet told analysts after the company reported first quarter results today. SLB is partly protected from the overall tariff fallout given 80pc of total revenue comes from international markets, as well as its in-country manufacturing and local sourcing efforts. But other areas are exposed to increasing tariffs, such as imports of raw materials into the US, as well as exports from the US subject to retaliatory action. Under the current tariff framework, most of the likely effects come from trade activity between the US and China. "As the second quarter progresses and ongoing trade negotiations continue, we will hopefully gain better visibility of where tariffs may settle and the extent to which we will be able to mitigate their effects on our business," Biguet said. In the current climate, SLB says customers are likely to take a more cautious approach to near-term activity. Given industry headwinds from volatile oil prices and demand risks, SLB expects global upstream investment to decline this year from 2024, with customer spending in the Middle East and Asia holding up better than elsewhere. SLB reported a "subdued" start to the year as revenue fell 3pc in the first quarter from the same three months of 2024. The company noted higher activity in parts of the Middle East, North Africa, Argentina and offshore US, along with strong growth in its data center and digital businesses in North America. However, those gains were more than offset by a larger-than-expected slowdown in Mexico, a slow start in Saudi Arabia and offshore Africa, and a steep decline in Russia. Even so, SLB remains committed to returning a minimum of $4bn to shareholders through dividends and share buybacks this year. "The industry may experience a potential shift of priorities driven by changes in the global economy, fluctuating commodity prices and evolving tariffs — all of which could impact upstream oil and gas investment and, in turn, affect demand for our products and services, said chief executive officer Olivier Le Peuch. "In this uncertain environment, we remain committed to protecting our margins, generating strong cash flow and delivering consistent value." First quarter profit of $797mn was down from $1.07bn in the same three months of 2024. Revenue of $8.5bn compared with $8.7bn last year. SLB is the last of the top oilfield services firms to post first-quarter results. Halliburton and Baker Hughes reported earlier this week. By Stephen Cunningham Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Border checks boost legal fuel sales in Mexico


25/04/25
25/04/25

Border checks boost legal fuel sales in Mexico

Mexico City, 25 April (Argus) — Mexico's crackdown on fuel smuggling is disrupting illicit supply chains and boosting sales for compliant players operating through regulated imports, sources say. Fuel imports from Texas by tank truck were halted for at least three weeks as part of Mexico's broader push to curb smuggling at the US border. Authorities increased permit checks and cargo inspections in April, although cross-border flows have gradually resumed this week, according to one source familiar with the matter. Rail flows were largely unaffected, as most of the smuggled fuel crosses via tank truck. As a result, some retail fuel stations in northern Mexico that sold gasoline and diesel below market prices faced shortages in late April, operating intermittently or closing for some days, one fuel retailer told Argus . While compliant retailers saw higher sales, major importers and marketers, including state-owned Pemex, also benefited from the border closure. Executives from a private company with a valid import permit told Argus sales rose by 15-20pc on a yearly basis in some regions. The US-Mexico border remains an active corridor. Several Texas cities host terminals dedicated to fuel exports, with suppliers and truckers among the key players. But only a limited number of private-sector companies in Mexico hold valid import permits, meaning many tank truck shipments enter irregularly or avoid paying proper taxes. Collateral damage Mexico's tax authority on 9 April suspended US independent refiner Valero's fuel import permits as part of the efforts to fight fuel smuggling. The suspension was lifted on 23 April, but the two-week stop disrupted supply in several regions. Although Valero operates about 290 retail fuel stations of the 13,800 across Mexico, the company sells gasoline and diesel to other retailers and fuel marketers. Valero's fuel sales account for about 10pc of Mexico's gasoline and diesel demand, according to the company. Mexico has long battled fuel theft, tax evasion and contraband. Illicit fuel is estimated to meet up to 30pc of Mexico's 1.2mn b/d gasoline and diesel demand, according to the finance ministry. Much of it enters by mislabeling refined products at the border as petrochemicals, additives or biofuels — which are not subject to the excise tax of Ps7.0946/l ($1.34/USG) for diesel and Ps6.4555/l for regular gasoline. By Cas Biekmann and Antonio Gozain Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

NYC comptroller sets net zero investment standards


25/04/25
25/04/25

NYC comptroller sets net zero investment standards

Houston, 25 April (Argus) — New York City's top financial officer this week issued standards that will be used to evaluate investment plans for the city's retirement systems that aim to meet net zero goals. Comptroller Brad Lander adopted a "Net Zero Implementation Plan" in 2022 requiring public markets asset managers, who manage funds for New York City's retirement systems, to submit investment plans that work towards achieving net zero by 2040 to his office by 30 June. Earlier this month, his office announced that the city's pension systems lowered their greenhouse gas (GHG) emissions by 37pc and achieved their interim climate goals one year early , with much of that decline driven by divestment of fossil fuel reserve owners. Under the standards released on 22 April, asset managers should take into account climate-related investment risks in their decision-making and work with portfolio companies to promote "real economy decarbonization." In addition, asset managers must require portfolio companies to report and set goals to reduce their scope 1 and 2 emissions — direct emissions from sources owned by the company and from electricity purchases, respectively — as well as scope 3 emissions, or indirect supply chain emissions. Investment plans must also include short-, medium-, and long-term goals to reach net zero and ensure that future capital expenditures and lobbying align with those goals. For plans that do not meet those standards, Lander will recommend to "put those managers' investment mandates out to bid , " or begin a lengthy procurement process to contract new asset managers to manage those funds. "Our new standards demand that the retirement systems' managers strengthen their Net Zero plans consistent with their fiduciary duty — or we will find new asset managers who will," Lander said. The New York City Comptroller oversees five public pension funds which together form the fourth largest public pension plan in the US, with about $285bn in assets that are managed by external investment managers contracted by the city. Lander said that threats from the federal government, including efforts to halt offshore wind , as well as President Donald Trump's executive order targeting state and local climate policy, would affect the city's ability to lower emissions and were a major reason for issuing the net zero standards. New York City's pension systems have goals of investing $1.8-19bn in "climate change solutions" by 2035. By Ida Balakrishna Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

Generic Hero Banner

Business intelligence reports

Get concise, trustworthy and unbiased analysis of the latest trends and developments in oil and energy markets. These reports are specially created for decision makers who don’t have time to track markets day-by-day, minute-by-minute.

Learn more