Oil and gas executives met with President Trump at the White House on Wednesday, pushing their top priorities: deregulation, tariffs, and tax credits. The industry, which spent over $75 million to help elect Mr. Trump, is increasingly frustrated with his agenda.
Tariffs are making essential materials like steel pipe more expensive, while also affecting consumer confidence. Oil prices have fallen around 14 percent since the start of Mr. Trump’s term, reaching about $67 a barrel. Executives want to build infrastructure projects, but face hurdles in securing permits due to regulatory restrictions.
Permitting Reform is a top priority for the industry. They seek to make it easier to secure permits for energy projects and reduce delays caused by states blocking proposed projects or environmentalists. Energy Secretary Chris Wright said that companies need specifics on permitting rules to move forward with new investments.
The 25 percent tariff on imported steel has also raised concerns, as some executives hope to secure exemptions. However, Trump has rebuffed this idea. Discussions about tariffs are ongoing, according to Wright.
Natural Gas Exports is an area where the industry and the Trump administration align: increasing exports abroad. The Energy Department recently awarded conditional approval for a large natural-gas export project on the Gulf Coast.
Tax credits for producing hydrogen and renewable fuels, as well as capturing and storing carbon dioxide, are also being pushed by oil and gas companies. Chief executive Vicki Hollub of Occidental Petroleum is advocating for federal incentives to remove greenhouse gases from the air, known as 45Q.
The industry’s priorities remain a focus for the Trump administration, but some executives are growing frustrated with the lack of progress on these issues.
Source: https://www.nytimes.com/2025/03/19/business/energy-environment/oil-executives-trump-tariffs.html