US President Donald Trump has met with top oil CEOs at the White House, charting plans to boost domestic energy production in a bid to counter falling crude prices and looming trade wars.
The closed-door meeting centered on pushing American energy dominance, reforming the permit process, and building up the nation’s electricity grid to compete with China in AI. Industry leaders expressed concerns over Trump’s tariffs, but Interior Secretary Doug Burgum said there was no discussion on price, as it is established by supply and demand.
Energy Secretary Chris Wright stated that the “tariff dialog is still ongoing,” aiming to lower prices in the US and grow job opportunities. The meeting included notable CEOs from major oil companies such as Hess Corp, ExxonMobil, Chevron, ConocoPhillips, Phillips 66, and Marathon Petroleum.
Trump’s agenda aims to boost US oil production by up to 3 million barrels per day, partly by rolling back environmental regulations and speeding permitting. Analysts predict benchmark Brent oil prices will average $73 per barrel in 2025, down from $80 due to US tariff policies and OPEC+ plans to boost output.
The meeting comes as Trump pursues a trade war with Mexico and Canada, the API’s top sources of imported crude oil. Industry leaders have opposed this move, highlighting the need for free and fair trade across borders to deliver affordable energy to US consumers.
Source: https://www.reuters.com/business/energy/trump-host-top-us-oil-chief-executives-trade-wars-loom-2025-03-19