NYT: As news that President Trump was pulling out of the Paris climate accord hit at a luncheon for small-business owners in Toledo, Ohio, on Thursday, an already happy crowd suddenly turned euphoric. “It was like a major win at a football game,” said Rick Longenecker, a management consultant who had been among the 50 or so attendees who gathered to trade thoughts amid a rapidly improving local economy. While multinational corporations such as Disney, Goldman Sachs and IBM have opposed the president’s decision to walk away from the international climate agreement, many small companies around the country were cheering him on, embracing the choice as a tough-minded business move that made good on Mr. Trump’s commitment to put America’s commercial interests first.
But these traditional energy companies have a vested financial interest in the Paris deal. That's because COP21's crack down on carbon emissions favors natural gas, which emits much less pollution than coal. While Exxon, BP and Shell are primarily identified as oil companies, they are actually diversified energy firms that rely heavily on natural gas to make money.