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    Oil Companies Wanted Trump to Lower Costs. Tariffs Are Raising Them.

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    President Trump’s promise during last year’s election to make it far easier to drill for oil and gas thrilled energy executives who believed his policies would lower their costs and help them make a lot more money.Those hopes are now fading. Thanks to Mr. Trump’s tariffs, the oil and gas industry is contending with rising prices for essential materials like steel pipes used to line new wells.That has not yet translated into a meaningful change in U.S. drilling activity or production expectations, but companies have begun revising budgets to reflect higher materials costs. Decisions made today about which wells to drill will affect production many months from now.Oil refineries are separately bracing for a tariff on Canadian oil, which some of them need to produce gasoline, diesel and other fuels.At the same time, consumers have grown jittery about the economy and the price of oil has fallen about 10 percent since just before Mr. Trump took office, to around $70 a barrel. Oil companies tend to drill less when prices fall.The combination could complicate Mr. Trump’s stated desire to juice U.S. oil and natural gas production, which are already at or near record highs.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      BP to ‘Reset’ Strategy After Pressure From Investors, C.E.O. Says

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      The energy giant was vague on details, but analysts say the changes will likely include less spending on renewable sources and a bigger investment in oil and natural gas production.Murray Auchincloss, the chief executive of the struggling energy giant BP, promised “a fundamental reset” of the company’s strategy on Tuesday while reporting disappointing earnings.The shift comes after a long period of lackluster share performance compared with its industry peers. BP’s weak stock price has attracted interest from Elliott Investment Management, a hedge fund known for shaking up its targets in an effort to improve shareholder value.Mr. Auchincloss is reserving the details of BP’s shift for a presentation to investors on Feb. 26, but analysts seem to have little doubt about its direction.BP is likely to reduce spending on low-emissions energy technologies like wind and hydrogen and try to boost oil and natural gas production, they say. “We would anticipate that there will be major changes in capital allocation, particularly around lower spending in the low-carbon arena,” Alastair Syme, an analyst at Citigroup, wrote in a note to clients on Tuesday.Mr. Auchincloss appears headed toward a major reversal of the course taken by his predecessor, Bernard Looney, who left the company in 2023 after failing to disclose personal relationships with colleagues.In the early part of this decade, when oil prices were low and governments were pressing companies to reduce emissions, Mr. Looney aggressively invested in green technologies like offshore wind and throttled back on oil and gas.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Trump Picks Burgum for Interior Secretary

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      President-elect Donald J. Trump has tapped Gov. Doug Burgum of North Dakota to lead the Interior Department, leading the new administration’s plans to open federal lands and waters to oil and gas drilling.Governor Burgum, 68, has longstanding ties to fossil fuel companies and acted as a liaison between the Trump campaign and the oil executives who have donated heavily to it. The governor is particularly close to Harold G. Hamm, the billionaire founder and chairman of Continental Resources, one of the country’s largest independent oil companies, who has hosted fund-raisers and donated nearly $5 million to Mr. Trump since 2023.Mr. Trump made the announcement during a gala for the America First Policy Institute being held at his Mar-a-Lago estate. Mr. Burgum was in attendance.“I won’t tell you his name, it might be something like Burgum,” Mr. Trump said, before telling the crowd, “Actually he’s going to head the Department of Interior, and he’s going to be fantastic.”North Dakota sits over part of the Bakken Formation, which has emerged as a major source of oil in the United States thanks to hydraulic fracturing, a horizontal drilling technique that took off in 2008 and made it possible to extract substantial amounts of oil that had been inaccessible through traditional drilling.Mr. Burgum has been a cheerleader for drilling, a posture that fits in well with the mantra of “Drill, baby, drill,” which Mr. Trump repeatedly uses to describe his energy policy.Scientists have said that the United States and other major economies must stop developing new oil and gas projects to avert the most catastrophic effects of global warming. The burning of oil, gas and coal is the main driver of climate change. The Biden administration has tried to limit some drilling on public lands and in federal waters, particularly in fragile wilderness like the Arctic National Wildlife Refuge. Mr. Trump has said he would end those protections. More

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      Exxon Chief to Trump: Don’t Withdraw From Paris Climate Deal

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      Darren Woods was one of only a few Western oil executives attending a global climate conference in Baku, Azerbaijan.Darren Woods, the chief executive of Exxon Mobil, cautioned President-elect Donald J. Trump on Tuesday against withdrawing from the Paris agreement to curb climate-warming emissions, saying Mr. Trump risked leaving a void at the negotiating table.Mr. Woods, speaking at an annual U.N. climate summit in Baku, Azerbaijan, described climate negotiations as opportunities for Mr. Trump to pursue common-sense policymaking.“We need a global system for managing global emissions,” Mr. Woods said in an interview with The New York Times in Baku. “Trump and his administrations have talked about coming back into government and bringing common sense back into government. I think he could take the same approach in this space.”Mr. Woods also urged government officials to create incentives for companies to transition to cleaner forms of energy in a profitable way.“The government role is extremely important and one that they haven’t been successfully fulfilling, quite frankly,” he said.Mr. Woods’s presence in a stadium teeming with diplomats is all the more noteworthy because of who is not here in Azerbaijan, a petrostate on the Caspian Sea that was once part of the Soviet Union. Many heads of state, including President Biden, have taken a pass, as have the leaders of several big oil companies like Shell and Chevron.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Why a Memphis Community Is Fighting Elon Musk’s Supercomputer

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      Residents say Mr. Musk’s data center for artificial intelligence is compounding their pollution burden and adding stress on the local electrical grid.Elon Musk, the world’s richest man, is building what he says will be the world’s largest supercomputer. Its electricity needs will rival those of 100,000 homes.The supercomputer’s neighbors in southwest Memphis have a problem with that.The project, part of Mr. Musk’s xAI artificial intelligence business, sits in an old manufacturing plant on more than 550 acres. Before beginning operations there in July, xAI rolled in flatbed trucks loaded with almost 20 mobile power plants, fueled by natural gas, to help meet its electricity demands.Residents of the heavily industrial community — already home to an oil refinery, a steel mill and chemical plants — see no upside. They contend that Mr. Musk’s project has made pollution worse in an area already enveloped in smog.“We’re getting more and more days a year where it is unhealthy for us to go outside,” said KeShaun Pearson, president of Memphis Community Against Pollution and a lifelong resident of the area near the xAI site.The xAI supercomputer center in Memphis is being built at the site of a former appliance factory.Whitten Sabbatini for The New York TimesThe center is to be used to train artificial intelligence models on thousands of powerful computer servers.Whitten Sabbatini for The New York TimesSo far, xAI is using the Memphis facility to develop its artificial intelligence models on a network of thousands of high-powered computer servers. Some of its models are trained on data from Mr. Musk’s social media platform, X.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      As Texas Power Grid Faces New Strains, Renewables Help Meet Demand

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      Texas, the biggest oil-producing state, has turned to solar power and battery storage to see it through extreme weather. But with demand rising, much more power will be needed.During the scorching summer of 2023, the Texas energy grid wobbled as surging demand for electricity threatened to exceed supply. Several times, officials called on residents to conserve energy to avoid a grid failure.This year it turned out much better — thanks in large part to more renewable energy.The electrical grid in Texas has breezed through a summer in which, despite milder temperatures, the state again reached record levels of energy demand. It did so largely thanks to the substantial expansion of new solar farms.And the grid held strong even during the critical early evening hours — when the sun goes down and the nighttime winds have yet to pick up — with the help of an even newer source of energy in Texas and around the country: batteries.The federal government expects the amount of battery storage capacity across the country, almost nonexistent five years ago, to nearly double by the end of the year. Texas, which has already surpassed California in the amount of power coming from large-scale solar farms, was expected to gain on its West Coast rival in battery storage as well.The swift growth of battery storage as a source of power for the electric grid, along with the continued expansion of large-scale solar farms, could not have come at a better time. Texas, like many other states, is facing a surge in its power needs from data centers, new manufacturing plants, cryptocurrency mines, growing residential demand and increasingly intense summer heat. Officials estimate that Texas, already the nation’s largest electricity consumer, could roughly double its demand in just a few years.“Every state is going to go through this. Texas just happens to be the farthest along because we are growing our energy usage first,” said Michael Lee, the chief executive of Octopus Energy U.S., a subsidiary of the British electricity provider. “We’re seeing this in every other state, and all over the world.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      How Trump and Harris Talked About Climate Change During the Debate

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      At the tail end of the hottest summer in recorded history, as wildfires tear through California and a hurricane heads toward Louisiana, both Vice President Kamala Harris and former President Donald J. Trump failed to say how they would fight climate change during their debate Tuesday night.It was the final question posed during the 90 minute exchange, about an issue that moderator Linsey Davis of ABC News noted was “important for a number of Americans, in particular younger voters.”The outcome of this presidential election could be critical to determining whether the United States, the world’s biggest historic source of the greenhouse gasses that are dangerously warming the planet, cuts its pollution enough to keep global warming within relatively safe limits. Scientists say the window for action is rapidly closing.Ms. Harris acknowledged the problem, noting “the former president has said that climate change is a hoax and what we know is that it is very real.”“We know that we can actually deal with this issue,” she said, but did not offer any specifics about how she would. Instead, Ms. Harris made a largely economic argument, noting that federal subsidies for clean energy, which includes wind and solar power, have created new jobs and spurred manufacturing.And, in an unusual turn, Ms. Harris boasted that under the Biden administration, gas production has reached record highs. It’s a point that until very recently the administration had been reluctant to emphasize. The burning of fossil fuels is the main driver of climate change and at the United Nations climate talks last year, the United States joined nearly 200 other countries in a pledge to transition away from coal, oil and gas.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      El cambio climático no es prioritario en la Convención Nacional Republicana

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      La plataforma del partido no hace ninguna mención del cambio climático, en cambio, fomenta una mayor producción de petróleo, gas y carbón, que aumentan las temperaturas globales.[Estamos en WhatsApp. Empieza a seguirnos ahora]Este verano, Estados Unidos está experimentando niveles históricos de un calor intenso a causa del cambio climático. Las altas temperaturas han provocado decenas de muertes en el oeste del país, mientras millones de personas sudan debido a los avisos de calor extremo y casi tres cuartas partes de los estadounidenses dicen que el gobierno debe priorizar el calentamiento global.Sin embargo, aunque en el horario estelar del lunes por la noche la energía fue el tema con el que el Partido Republicano inauguró su convención nacional en Milwaukee, el partido no tiene ningún plan para abordar el cambio climático.A pesar de que algunos republicanos ya no niegan el abrumador consenso científico según el cual el planeta se está calentando a causa de la actividad humana, los líderes del partido no lo consideran como un problema que se deba enfrentar.“No sé si hay una estrategia republicana para enfrentar el cambio climático a nivel de organización”, comentó Thomas J. Pyle, presidente de la American Energy Alliance, un grupo de investigación conservador enfocado en la energía. “No creo que el presidente Trump considere imperativo reducir los gases de efecto invernadero por medio del gobierno”.Cuando el expresidente Donald Trump menciona el cambio climático, lo hace en tono de burla.“¿Se imaginan? Este tipo dice que el calentamiento global es la mayor amenaza para nuestro país”, dijo Trump, para referirse al presidente Joe Biden en un mitin en Chesapeake, Virginia, el mes pasado que fue el junio más caluroso que se haya registrado en todo el mundo. “El calentamiento global está bien. De hecho, he oído que hoy va a hacer mucho calor. Está bien”.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Judge Orders Biden Administration to Resume Permits for Gas Exports

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      President Biden had paused new natural gas export terminals to assess their effects on the climate, economy and national security. A federal judge disagreed.A federal judge on Monday ordered the Biden administration to resume issuing permits for new liquefied natural gas export facilities after the government had paused that process in January to analyze how those exports affect climate change, the economy and national security.The decision, from the United States District Court for the Western District of Louisiana, comes in response to a lawsuit from 16 Republican state attorneys general, who argued that the pause amounted to a ban that harmed their states’ economies. Many of those states, including Louisiana, West Virginia, Oklahoma, Texas and Wyoming, produce significant amounts of natural gas.The judge, James D. Cain Jr., who was appointed by President Donald J. Trump, wrote in his decision that the states had demonstrated that they had lost jobs, royalties and taxes that would have flowed had permits for gas exports continued.Texas, for example, projected that it would lose $259.8 million in tax revenues associated with natural gas production over five years as a result of the pause of permitting.Energy Secretary Jennifer Granholm has said that she expects that the analysis of L.N.G. exports, which is being conducted by her agency, would be completed late this year.But Judge Cain agreed with the attorneys general that the states were being harmed.“The Court finds that the lost or delayed revenues tied to natural gas production is a concrete and imminent injury that supports standing,” Judge Cain wrote.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More