Wall Street Wizardry
  • Business
  • World News
  • Politics
  • Investing
  • Business
  • World News
  • Politics
  • Investing

Wall Street Wizardry

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
Russian court hands long jail terms to Ukrainian fighters who defended Mariupol
next post
Trump’s Auto Tariffs Ignite Global Trade Tensions and Market Uncertainty

Related Posts

Lululemon shares drop 15% as CEO says inflation,...

March 29, 2025

Mattel says Barbies and Hot Wheels could soon...

February 6, 2025

U.S. judge finds Google holds illegal online ad...

April 19, 2025

Nvidia’s CEO did a Q&A with analysts. What...

March 24, 2025

Joann to shutter all 800 fabric stores after...

February 26, 2025

FDA officially authorizes Zyn nicotine pouches for sale...

January 23, 2025

Nvidia CEO Jensen Huang says tariff impact won’t...

March 20, 2025

Netflix shares soar as company reports surging revenue,...

January 23, 2025

X sees major outages as Musk claims ‘massive...

March 12, 2025

JetBlue talking to ‘multiple airlines’ about a new...

February 21, 2025

    Join our mailing list to get access to special deals, promotions, and insider information. Your exclusive benefits await! Enjoy personalized recommendations, first dibs on sales, and members-only content that makes you feel like a true VIP. Sign up now and start saving!


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

    Editors’ Picks

    • 1

      Financial Agreement signed releasing $2M grant

      January 23, 2025
    • 2

      US security contractor will take charge of key checkpoint in Gaza as Israeli forces withdraw

      January 25, 2025
    • 3

      Trump re-designates Iranian-backed Houthis as terrorists: ‘Threaten[s] security of American civilians’

      January 23, 2025
    • 4

      Netflix shares soar as company reports surging revenue, tops 300 million subscribers

      January 23, 2025
    • 5

      Cyclopharm Signs US Agreement with HCA Healthcare for Technegas®

      January 23, 2025
    • 6

      FDA officially authorizes Zyn nicotine pouches for sale following health review

      January 23, 2025
    • 7

      Universal’s ‘Wicked: For Good’ creates a unique marketing challenge

      January 26, 2025
    • About us
    • Contacts
    • Privacy Policy
    • Terms and Conditions
    • Email Whitelisting

    Disclaimer: wallstreetwizardry.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 © 2025 wallstreetwizardry.com | All Rights Reserved