Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
JD Vance says Iranian nuclear program ‘substantially’ set...
Israeli President Herzog: Israel ‘not dragging’ US into...
State Department issues worldwide caution for US travelers...
Trump’s week ahead will include a trip to...
DOUG SCHOEN: Trump’s Iran strategy could ignite long-awaited...
White House office tells agencies to apply ‘Gold...
SENATE MAJ. LEADER THUNE: A generational opportunity for...
SCOOP: House Republicans target ‘vulnerable’ Democrats for voting...
‘Mofo…in the White House’: Jasmine Crockett attacks Trump,...
Russia claims US strikes on Iran have opened...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Business

Oil executives bluntly criticize Trump tariffs and ‘drill, baby, drill’ mantra

by admin March 28, 2025
March 28, 2025
Oil executives bluntly criticize Trump tariffs and ‘drill, baby, drill’ mantra

Oil executives are warning that President Donald Trump’s tariffs and “drill, baby, drill” message have created uncertainty in energy markets that is already affecting investment.

The executives, shielded by anonymity, bluntly criticized Trump in their responses to a survey conducted by the Federal Reserve Bank of Dallas from March 12 to March 20.

“The administration’s chaos is a disaster for the commodity markets,” one executive said. ”‘Drill, baby, drill’ is nothing short of a myth and populist rallying cry. Tariff policy is impossible for us to predict and doesn’t have a clear goal. We want more stability.”

Several executives said Trump’s steel tariffs are raising their costs, making it difficult to plan for future projects.

“Uncertainty around everything has sharply risen during the past quarter,” another executive said. “Planning for new development is extremely difficult right now due to the uncertainty around steel-based products.”

They also criticized the suggestion by White House advisers such as Peter Navarro that Trump’s “drill, baby, drill” agenda aims to push oil prices down to $50 a barrel to fight inflation.

“The threat of $50 oil prices by the administration has caused our firm to reduce its 2025 and 2026 capital expenditures,” an executive said. ”‘Drill, baby, drill’ does not work with $50 per barrel oil. Rigs will get dropped, employment in the oil industry will decrease, and U.S. oil production will decline as it did during COVID-19.”

CNBC has asked the White House for comment.

The Dallas Fed Energy Survey is conducted every quarter with about 200 firms responding. The survey covers operators in Texas, southern New Mexico and northern Louisiana.

The scathing criticism in the Dallas Fed survey stood in contrast to major oil companies’ public comments at the industry’s big energy conference in Houston earlier this month.

Executives mostly praised Trump’s energy team during the event and welcomed the administration’s focus on increasing leasing and slashing red tape around permitting.

This post appeared first on NBC NEWS

previous post
CIA director blasts Democrat’s ‘offensive line of questioning’ about Hegseth’s ‘drinking habits’
next post
Dollar Tree says it’s winning over higher-income shoppers and may offset tariffs with price hikes

You may also like

Microsoft’s mammoth AI bet will lead to over...

October 3, 2024

Elon Musk and investors offering $97.4 billion for...

February 12, 2025

Delta CEO offers employees free flights after CrowdStrike-Microsoft...

August 5, 2024

Nvidia says it is not sending GPU designs...

May 17, 2025

Walz’s family relied on Social Security when his...

August 24, 2024

Home Depot expects sales to weaken as consumers...

August 14, 2024

Trump could scale back Canada, Mexico tariffs Wednesday,...

March 6, 2025

U.S. Steel CEO appeals to Trump after Biden...

January 9, 2025

Mortgage refinancing surges 35% in one week as...

August 16, 2024

Trump clears Nippon merger with U.S. Steel

May 24, 2025

Recent Posts

  • JD Vance says Iranian nuclear program ‘substantially’ set back after ‘precise, surgical’ US strikes
  • Israeli President Herzog: Israel ‘not dragging’ US into war with Iran
  • State Department issues worldwide caution for US travelers following Trump’s Iran strikes
  • Trump’s week ahead will include a trip to The Hague to meet with NATO leaders as Iran crisis grows larger
  • DOUG SCHOEN: Trump’s Iran strategy could ignite long-awaited regime change. My Serbia experience is a guide

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (795)
    • Investing (2,371)
    • Politics (2,950)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.