President Trump’s decision to walk away from the Paris Climate deal initially seems good for oil, coal and natural gas producers in the United States in the sense that it is a symbolic show of support for fossil fuels. Trump said that the Paris accord harms U.S. Business. Meanwhile, the debate is growing. Is this a statement against climate change or President Trump looking for a better deal for America? His speech mentioned many ways that the accord, in its current state, is not beneficial to Americans or America’s energy industry.
“Not only does this deal subject our citizens to harsh economic restrictions, it fails to live up to our environmental ideals. As someone who cares deeply about the environment, which I do, I cannot in good conscience support a deal that punishes the United States -- which is what it does -– the world’s leader in environmental protection, while imposing no meaningful obligations on the world’s leading polluters.”
“Staying in the agreement could also pose serious obstacles for the United States as we begin the process of unlocking the restrictions on America’s abundant energy reserves, which we have started very strongly. It would once have been unthinkable that an international agreement could prevent the United States from conducting its own domestic economic affairs, but this is the new reality we face if we do not leave the agreement or if we do not negotiate a far better deal.”
Some others aren’t so sure. A few major oil producers (specifically Exxon Mobile Corp. and ConocoPhillips) have stated they still support the accord. Sixty-two percent of Shareholders with Exxon voted in favor of a non-binding proposal that they say will require the company to back the Paris climate agreement. Tesla CEO, Elon Musk also fought back on Twitter and left the President’s advisory council as a result of the decision. Speaker Paul Ryan is more optimistic and supportive of President Trump’s decision. “In order to unleash the power of the American economy, our government must encourage production of American energy.”