Oil executives are expressing concern over President Donald Trump’s tariffs and his “drill, baby, drill” message, which they say are creating uncertainty in energy markets and affecting investment. In a survey conducted by the Federal Reserve Bank of Dallas, executives anonymously criticized Trump for the chaos his administration has caused in commodity markets. They also expressed frustration over Trump’s steel tariffs, which are raising costs and making it difficult to plan for future projects.
Executives pushed back against White House advisors’ suggestions that Trump’s goal of pushing oil prices down to $50 per barrel is aimed at fighting inflation. They argue that this strategy is unrealistic and could lead to a decline in U.S. oil production. The Dallas Fed Energy Survey, conducted quarterly with about 200 firms responding, highlighted the increased uncertainty in the industry due to the administration’s policies.
Despite this criticism, major oil companies publicly praised Trump’s energy team at a recent industry conference in Houston. Executives highlighted the administration’s focus on increasing leasing and reducing red tape around permitting. The contrasting views between the Dallas Fed survey and public comments from oil companies reflect the complex relationship between the industry and the current administration.
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