President Donald Trump is reportedly looking to ease the phase-in of the IMO-mandated sulphur cap, worried that the global launch date could spark oil price hikes during an election cycle.
The Wall Street Journal is reporting that the Trump administration is looking to get the IMO ruling phased in over fears oil prices could spike above $100 a barrel in a presidential election year.
A spokesman stressed the White House is not seeking to withdraw from the agreement. Instead, the shipping and energy markets may face less disruption if the rules were phased in in the name of “experience building,” he said.
Such a move is necessary to “mitigate the impact of precipitous fuel-cost increases on consumers,” the White House said in an email to The Wall Street Journal. “The administration wants to ensure that IMO 2020 occurs in a manner that is not harmful to consumers and the global economy.”