When even the guy who once worked at Enron says WTF...

Candidates in the Senate debates are tying themselves up in knots on tariff policy. On one hand, they criticize tariffs for raising prices to consumers. On the other, they fear removing tariffs will expose local businesses to unfair foreign competition and cost American jobs. To square the circle, they call for better trade deals (who can disagree with that?) without offering a framework of how to get there. It's clear Congress can't legislate this. The contradiction extends to fiscal policy. Candidates warn about the growing federal deficit but don’t explain how they would replace the revenue lost by eliminating tariffs, now around $16 billion/month more than in 2024. Further, states have broadly different interests in tariffs. Northern border states want to normalize trade with Canada. Georgia wants tariff adjustments to protect its ports and related businesses. Farm states want lower tariffs on farm inputs but like the protections against imported ag products. The Midwest generally wants protections on steel; the rest of the country wants exemptions on intermediate goods. These competing interests make a comprehensive tariff legislation almost impossible. Every tariff has beneficiaries who want to preserve it and opponents who want it removed. Any tariff bill would create concentrated political opposition, whether it raised or lowered duties. Concentrating tariff authority in the presidency carries the obvious risks, but Congress will be inept at the challenge. Status quo is the strongest force in politics. My expectation is that, despite all the handwringing, the eventual tariff regime will look similar to today's. That is a 10-15% baseline tariff on most imports, higher rates on countries with blatantly unfair trade practices and/or geopolitical rivals, and industry specific adders on those deemed strategic to national security or economic interests. Most businesses prioritize certainty so they can make investment decisions, forecast expenses, and have confidence in supply chains. That certainty is probably more important than the rates.

It's not just OKC. Since 2000, there's been a massive consolidation of the energy industry to Houston. A highly incomplete list of notable moves: From ... Dallas: Halliburton, Exxon, Nexen, XTO, Fina, Pioneer CA: Oxy, Chevron, Calpine OK: Citgo, Devon, Expand, Noble, Phillips Petroleum LA: Offshore Logistics, Superior Energy, Shaw Group, McDermott, Tidewater, Global Industries AR: Murphy Oil IL: BP (consolidation) CO: Patina, Forest, Cimarex, Whiting, PDC Northeast: Buckeye Partners, Schlumberger US, NRG, Talen, Honeywell Performance Canada: Enbridge US, Tesco