Big U.S. oil companies believe Trump's withdrawal only limits Washington's ability to influence an ongoing global energy transition and exposes them to an uneven regulatory environment.
BY Reuters3 minute read U.S. oil and gas producers are thrilled that President Donald Trump wants to encourage domestic energy development but say his decision to withdraw the United States from international climate cooperation will not help their investment plans in the global transition to cleaner energy. The position reflects a rare note of discord between Trump and Big Oil, one of his most important constituencies and long considered the top villain behind climate change for pumping and selling the fossil fuels driving planetary warming. Removing the United States from the Paris climate deal for the second time was among a flurry of first-day moves by Trump aimed at pumping up already record high domestic energy production, sending a signal to the rest of the world the U.S. will no longer engage in multilateral efforts to combat climate change. He called the decade-old pact to limit global warming a "rip off" that puts the U.S. at a competitive disadvantage to China. Subscribe to the Compass newsletter. Fast Company's trending stories delivered to you daily Privacy Policy | Fast Company Newsletters Big U.S. oil companies, however, believe the withdrawal only limits Washington's ability to influence an ongoing global energy transition and exposes them to an uneven regulatory environment, according to Reuters interviews with industry representatives. Marty Durbin, president of the U.S. Chamber of Commerce's Global Energy Institute…