Spencer Fane attorney A.J. Ferate recently published an article with The Oklahoman addressing the significant impact COVID-19 is having on the oil industry, which has seen unprecedented drops in demand globally.
Titled “Oil Tariffs Not The Answer Amid COVID-19,” Ferate continues to explain that tariff costs would only be passed on to the consumer with no benefit. “If domestic production falls, market share increases for both nations,” Ferate writes. “What neither country grasps is our private companies and market-based approach provide flexibility and demand response that nationalized companies can’t. Tariffs are not the answer. And while it may not feel like it now, the United States will come out of this downturn stronger without imposing tariffs.”