Tariffs could threaten the future of some U.S. distilleries and bars
At Leiper's Fork Distillery outside Nashville, the notably small batch distiller produces only two and a half barrels of Tennessee whiskey a day, doing everything by hand, from distilling to bottling and labeling.
The whiskey, bourbon and rye produced there are only sold in six states, the U.K. and Canada. But with
tariffs in play
on spirits like Tennessee whiskey, owner Lee Kennedy fears his export sales could soon run dry.
"We haven't adjusted any of our prices over the last, really, uh, since 2020, we have not done any price increases or decreases, and I'm hoping to be able to continue that," Kennedy told CBS News.
The
European Union
, in response to tariffs from the Trump administration, announced in March it plans to put a 50% tariff on all American whiskey, despite whiskey exports jumping nearly 60% in the last three years, according to Distilled Spirits Council of the United States.
Across the northern border, Canadian retailers are pulling American liquor off the shelves.
"A lot of that whiskey that was destined for international markets is now gonna stay in the country," Kennedy said. "So we have this kind of trifecta of not good scenarios for the distilling industry. You know, the threat of tariffs, the decrease in consumption and the oversupply... those three things."
In Dallas, bar owner Gabe Sanchez fears tequila could be nearly impossible to get, as his entire supply comes from Mexico.
In 2024, the U.S. imported more than $5 billion worth of tequila from Mexico, according to Distilled Spirits Council of the United States.
Sanchez expects prices from distributors to skyrocket to make up for the 25% tariff President Trump has threatened to impose on all goods from Mexico. That increase would force Sanchez to either raise his own prices and risk losing customers, or eat the cost himself.
"Places like this are gonna cease to exist. If these trade wars continue, that's like, unfortunately, what's gonna happen. Like, we can only stand in front of the dam and put our finger in it for so long," Sanchez said.
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Erich brings with him over 25 years of global experience in driving development, operations and project execution at scale across multiple continents. Erich's career originated as a Petroleum Engineer with BP plc on the North Slope of Alaska, with vast experience in the North Sea, Azerbaijan and the U.S., with his BP career culminating as a VP of Production and Operations. Erich joins Pantheon most recently from Microsoft, where he served as a Partner leading digital transformation across the manufacturing and energy sectors. Max Easley, Chief Executive Officer, commented: "We are delighted to welcome Tralisa and Erich to the Pantheon Executive Team. They will be key in enacting our pivot from a world-class exploration and appraisal team to an equally successful development and operations team. Pantheon will benefit from a combined 50 years of international experience between the two. I also want to thank Phil Patman for his efforts in delivering a strong financial platform for growth through this transition and an ultimate US listing." David Hobbs, Pantheon's Chairman, added: "I would like to add my welcome to Tralisa and Erich. In addition, I also want to express my personal gratitude to Bob Rosenthal, who has been a key member of the leadership of the Company. He was a founder of Pantheon some 20 years ago, then became a founder of Great Bear a few years later. Bob returned to Pantheon 7 years ago to help with the acquisition of Great Bear and then lead the technical team through the journey of discovering and appraising the Ahpun and Kodiak fields to demonstrate the potential for resources that are now independently certified at some 1.6 billion barrels of ANS Crude and 6.6 tcf of natural gas. His leadership has helped position the Company to be a significant part of Alaska's energy future." Further information on these appointments:As part of these appointments, and to align with other executives and the wider interests of shareholders, the new executives will receive the following: One-off grant of 375,000 Restricted Stock Units under the Employee Share Ownership Plan ("ESOP") announced in October 2024, vesting over three years 750,000 options with various time-based and operational vesting criteria Be eligible for ongoing standard senior executive grants under the ESOP The Company expects to grant these awards as soon as administratively and regulatorily practicable. An additional announcement, including further details of their terms, will be made once they are awarded. As is common with US-based businesses, it is not anticipated that the CFO or CDO role will be a Board position. The following details in relation to the appointment of Tralisa Maraj are disclosed in accordance with AIM Rule 17 and Schedule 2(g) of the AIM Rules: Tralisa Sita Maraj (aged 50) has held the following directorships and/or partnerships in the past five years: Current directorships or partnerships Previous directorships or partnerships Aliana Consulting LLC All About the Blade MJ LLC Cyber App Solutions Corp (trading as Proton Green) LiveWire EV LLC LiveWire France SAS LiveWire Germany GMBH LiveWire Motorcycles Canada Inc LiveWire Netherlands BV LiveWire Switzerland GmbH LiveWire UK Ltd StaCyc LLC Stratovate Ventures & Solutions Group LLC The Rusty Hook Galveston LLC TMJ Realty Group LLC CGX Energy Management Corp. CGX Resources Inc. GCIE Holdings Ltd Grand Canal Industrial Estates Inc. ON Energy Inc. There is no further information to be disclosed in relation to the appointment of Tralisa Maraj pursuant to AIM Rule 17 or Schedule Two, paragraph (g) (i)-(viii) of the AIM Rules for Companies. -ENDS- For further information, please contact: UK Corporate and Investor Relations ContactPantheon Resources plcJustin Hondris+44 20 7484 5361contact@ Nominated Adviser and BrokerCanaccord Genuity LimitedHenry Fitzgerald-O'Connor, James Asensio, Charlie Hammond+44 20 7523 8000 Public Relations ContactBlytheRayTim Blythe, Megan Ray, Matthew Bowld+44 20 7138 3204 USA Investor Relations ContactMZ GroupLucas Zimmerman, Ian Scargill+1 949 259 4987PTHRF@ About Pantheon ResourcesPantheon Resources plc is an AIM-listed Oil & Gas company focused on developing its 100% owned Ahpun and Kodiak fields located on State of Alaska land on the North Slope, onshore USA. 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Once the Company achieves financial self-sufficiency, it will apply the resultant cashflows to support the FID on the Kodiak field planned, subject to regulatory approvals, targeted by the end of 2028 or early 2029. A major differentiator to other ANS projects is the close proximity to existing roads and pipelines which offers a significant competitive advantage to Pantheon, allowing for shorter development timeframes, materially lower infrastructure costs and the ability to support the development with a significantly lower pre-cashflow funding requirement than is typical in Alaska. Furthermore, the low CO2 content of the associated gas allows export into the planned natural gas pipeline from the North Slope to Southcentral Alaska without significant pre-treatment. The Company's project portfolio has been endorsed by world-renowned experts. Netherland, Sewell & Associates estimate a 2C contingent recoverable resource in the Kodiak project that total 1,208 mmbbl (million barrels) of ANS crude and 5,396 bcf (billion cubic feet) of natural gas. Cawley Gillespie & Associates estimate 2C contingent recoverable resources for Ahpun's western topset horizons at 282 mmbbl of ANS crude and 803 bcf of natural gas. Lee Keeling & Associates estimated possible reserves and 2C contingent recoverable resources totalling 79 mmbbl of ANS crude and 424 bcf natural gas. For more information visit This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@ or visit SOURCE: Pantheon Resources PLC View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
