Energy barge businessman expects fewer mandates, fewer headwinds under new administration
Energy barge businessman expects fewer mandates, fewer headwinds under new administration
Business owners across the country are thinking about what a new administration will mean for their business. Austin Golding, CEO and president of Golding Barge Line, in Vicksburg, Mississippi, thinks the change will help his business out.
“The energy I can feel within the energy sector is palpable,” said Golding, who’s business primarily transports oil and gas up and down the Mississippi River. “I think a lot of people see the future as having a lot less headwinds.”
“Marketplace” host Kai Ryssdal spoke with Golding about his expectations for the future. Below is an edited transcript of their conversation.
Kai Ryssdal: So, the standard question when we chat is, “How’s business?” but I’m going to amend that and ask you how you expect business to be in the next six months to a year.
Austin Golding: Kai, thanks for having me, and we’ve had a really good year so far. You know, I think we’ve got a correction back to pre-COVID levels, and I could see business not accelerating as fast as it has into this correction, but I think we’ll be within a 2 to 3% growth rate over the next six to 12 months.
Ryssdal: And do you expect the changed politics of this economy to help you out?
Golding: I do. I think the energy I can feel within the energy sector is palpable. I think a lot of people see the future as having a lot less headwinds. But I can tell you, Kai, the understanding that I get about sustainability and where we have to go, I have to say it’s not lost within our customer base. I think the emphasis on sustainability in a world where we evolve with a changing climate, as opposed to bringing everything to a halt because of it, I think people would much rather evolve through that process. So the path to sustainability is alive and well, but I do think there’ll be less headwinds towards energy production and energy transport.
Ryssdal: And we should point out here, just for those who aren’t familiar, you carry a lot of oil and gas petroleum products on those barges, right?
Golding: That’s primarily what we carry. And I will tell you, just through my short career, our propulsion engines have gone from a Tier 1 to a Tier 4, which for the average listener out there means a much cleaner emission out of the engine and a much more efficient engine. So, you know, in moving these carbon products, even the people moving them are very aware that sustainability is a near and dear part of our future, no matter what the political climate may suggest.
Ryssdal: Another thing that the president-elect [Donald Trump] has talked a lot about is tariffs. I’d be remiss if I didn’t ask you about that and what that might mean for you.
Golding: Sure. In the oil and gas world, I don’t really look at these companies as American companies. I look at them as global entities. If it’s the source material coming in and out, or if it’s where the finished product can go or how much we have to charge a tax on where it goes. I mean, we make a lot of the world’s energy here, and then ship it there. We have the best and most, I would say, efficient and environmentally friendly oil and gas “kitchen” within the Gulf Coast of the United States. So, I don’t know, you know, I hope that the global economy continues to rely on the United States. And we can play ball with everybody out there because we are certainly part of that supply chain.
Ryssdal: Yeah, so the unspoken thing here is retaliatory tariffs, right?
Golding: Sure, yeah, absolutely. I will say, like I mentioned, these oil and gas companies are very international. I’ve watched them navigate the different political climates in my career, and I know this one may present more challenges, but they are global entities. They are not patriotic in many senses.
Ryssdal: You said a minute ago in your “short career.” And you know, I don’t know how long we’ve been talking. It’s got to be probably five, seven years at least. So you’ve been doing this a while. What’s the one thing that’s on your mind as this economy evolves with president-elect and what that’s going to mean?
Golding: My career is coming up on 20 years in the industry, Kai.
Ryssdal: You’re, like, barely 40, man. Come on.
Golding: Well, when you’re in a family business you start early, but I will say, you know, we’re looking for stability. We’re looking for growth. We’re looking for a world that is competitive and not mandated. In my world, I’m thinking about things like EV mandates. They don’t just create a bottleneck at the car production level, but people stop investing in everything that supports oil and gas when that happens. And when that happens, it chokes everything down to where it’s overpriced and underinvested in. And so, I think we’re looking for a world that makes us evolve through competition, not through mandate. So, I think that’s where my focus is.
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