OGJ Editorial: New US protectionism

The oil and gas industry should chill at the election-year romance between US politics and agriculture. The fevered waltz of these two lovers threatens global economic recovery and, by association, market growth for oil and natural gas.US President George W. Bush has cashed in his free-trade credibility for farm-state support of Republican congressional candidates in elections next November. This month he signed a farm bill doling out new subsidies worth $83 billion over 10 years. The move confirms a protectionist turn that began in March, when he signed tariffs as high as 30% on imported steel.More protectionism is possible. Senate energy legislation, awaiting reconciliation with a House...

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