Oil executives are expressing concerns about the impact of President Donald Trump’s tariffs and energy policies on investment in the industry. The executives, speaking anonymously in a survey conducted by the Federal Reserve Bank of Dallas, criticized the administration for creating uncertainty in the commodity markets with its trade policies. They also highlighted the challenges posed by steel tariffs, which are increasing costs and making it difficult to plan for future projects.
Some executives voiced frustration with White House advisors suggesting a push for lower oil prices, which could negatively impact the industry. They warned that Trump’s “drill, baby, drill” message may not be sustainable if oil prices drop to $50 a barrel, leading to reduced investment, job losses, and declining production.
The scathing criticism from the Dallas Fed survey contrasts with the public comments made by major oil companies at a recent energy conference in Houston, where executives praised Trump’s energy team and its efforts to streamline regulations and increase leasing. The survey, which includes responses from about 200 firms in Texas, southern New Mexico, and northern Louisiana, highlights the uncertainty and challenges facing the oil industry due to the administration’s policies.
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