Big Oil Warned Trump That China Trade Deal Wouldn't Work

The American Petroleum Institute warned the Trump administration that the U.S. oil industry would be hard pressed to produce all the oil China has committed to buy under the Phase 1 trade deal signed at the end of last year, Bloomberg reports, citing a closed door meeting between API officials and the Department of Energy last month. “The United States’ ability to expand its exports of crude oil and other liquids would likely become a binding constraint,” the API said. “Even if production is available, logistical challenges…