President Donald Trump’s planned 25% import tariff on steel is a gift to OPEC and Russia. This opinion piece presents the opinions of the author. It does not necessarily reflect the views of Rigzone. (Bloomberg Gadfly) — President Donald Trump’s planned 25 percent import tariff on steel is a gift to OPEC and Russia. His announcement last week will surely play well in steel towns, as its aim is to protect American producers from “unfair” competition from cheaper foreign suppliers. However, it will inevitably drive up costs for the nation’s oil and gas producers. And that could be bad news for the resurgent shale industry, which has set the U.S. on the road to becoming the world’s top oil producer. Steel used in oil pipelines has to meet rigorous technical specifications to ensure it doesn’t corrode or fracture during a lifetime that may well exceed 30 years — far […]