We are talking about imported steel, not domestic steel. You are getting this confused and/or lying.

I proved the tariffs increased prices on imported steel. THAT IS WHAT TARIFFS DO. You said repeatedly in this thread the tariffs had no effect on imported steel. I have proven you wrong.

"We're now seeing the impacts of the steel tariffs flow through and they're affecting, of course, tubulars and other steel products that we use. We can see steel easily compared to last year would be 20% to 25% over last year's cost for the same products,” Timothy Dove, CEO, Pioneer Natural Resources, leading producer in the Permian basin, largest oil field and the second largest natural gas field in the U.S."

Your stupid arse has to realize some steel has to be imported. Not everything is made in the United States.

Again read the Forbes article I HAVE LINKED TWICE.

"We knew it would happen. We were warned about it from the industry itself. The Trump administration's trade war has been a major threat to oil prices, and its 25% tariff on imported steel, in particular, has started to increase costs for U.S. oil and gas producers. Unfortunately, it’s been commonly reported this earnings season, rising costs for imported specialty steel products eating into profits. The problem, of course, has been that many of these items are necessarily imported, as they are not even made here in the U.S.

The majority of drill pipe is imported. To illustrate, ConocoPhillips reports that "prices for steel used in pipes, valve fittings and other equipment have risen 26 percent in the U.S. since the start of the year." The company spends $300 million a year on equipment affected by the tariffs, and the tariffs will "add $40 million to the cost of the new pipeline it's building in the Permian basin in West Texas."

This post was edited on 7/3/23 at 7:00 pm

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Posted by Jjdoc

Cali

Member since Mar 2016

53533 posts

Posted on 7/3/23 at 9:32 pm to frogtown

quote:
quote:
I'm quoting you. How is that lying.

We are talking about imported steel, not domestic steel. You are getting this confused and/or lying.

No I'm not. I quoted you. You... YOU... YOUR POST.

WOW!

The exchange:

ME-- No.. Go on and tell the PT where you got that data from.

You- The United States International Trade Commission is an agency of the United States federal government that advises the legislative and executive branches on matters of trade. It is an independent, bipartisan entity that analyzes trade issues such as tariffs and competitiveness and publishes reports.

quote:
I proved the tariffs increased prices on imported steel. THAT IS WHAT TARIFFS DO. You said repeatedly in this thread the tariffs had no effect on imported steel. I have proven you wrong.

WRONG again. As reported on...

quote:
After the steel tariffs were imposed in March 2018, price indexes increased by 10.2 percent to 17.7 percent between February and September of 2018. That increase was less than the 25 percent tariffs themselves. And markets quickly adjusted, with domestic steel prices retreating to below pre-tariff levels within the following year.

So NO.. you are very wrong.

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