P.M. Edition for April 29. In the face of rising tariffs, the country’s biggest retailers are trying everything to keep prices low. But WSJ reporter Shane Shifflett says they warn that higher prices may be difficult to avoid and that certain products could become scarce. And Amazon plays down a report that it was considering displaying the impact of tariffs during its online checkout process after President Trump called the company’s founder Jeff Bezos. Plus, BP once aimed to lead the shift to renewables. Energy reporter Matthew Dalton says it’s now doubling down on fossil fuel production in the U.S. Pierre Bienaimé hosts.Sign up for the WSJ's free What's News newsletter. Learn more about your ad choices. Visit megaphone.fm/adchoices
What challenges are U.S. retailers facing with prices?
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BP said today it aims to boost its U.S. production of oil and gas by more than 50 percent by the end of the decade, aligning itself with President Trump's mantra of drill, baby, drill. The British company reported today a sharp drop in its first quarter underlying replacement cost profit, a metric similar to net income that U.S. companies report.
At $1.38 billion, the figure is just over half what BP reported in the same period last year. Matthew Dalton covers energy for The Wall Street Journal, and he joins me now. Matthew, what's BP aiming to achieve here?
Well, they have shifted away from a strategy of investing in a broad suite of different energy technologies, from renewables such as wind and solar. They've really pivoted sharply towards just oil and gas, towards really getting out of the green energy business space. They've said that they're going to direct most of their capital expenditure towards the traditional fossil fuels industries.
And they're doing this because Wall Street investors really haven't rewarded them for having this less focused approach that they're now pursuing. They say there are other companies that are going to be investing in green energy, but that's not going to be our focus.
And indeed, they're looking to boost U.S. production from 650,000 barrels a day to more than a million by the year 2030. How are they planning to do that?
They're going to be shifting a lot of their capital expenditure to spending on those things in the U.S. The U.S. as a whole represents about 60% of BP's overall business. So it's a logical place for them to be investing.
The CEO told me that they're going to be boosting production both onshore and in the Gulf of America, as he called it, taking President Trump's preferred term for the Gulf of Mexico. He said that the company was very much aligned with President Trump's call to drill baby drill and really boost oil and gas production. Of course, they're facing right now an environment in which companies
crude oil and natural gas prices have really slumped as a reaction to the Trump administration's tariff plans, really throwing a lot of doubt on the global oil market because people think that these tariffs are going to really slow growth on a global scale.
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