President Donald Trump’s trade and economic policies have raised concerns among American energy executives, despite praise for his administration’s efforts to unshackle the industry. The oil and gas sector is worried about tariffs, a push for lower oil prices, and growing uncertainty about the economy.
Industry leaders met in Houston for their annual conference, where they expressed mixed views on Trump’s agenda. While some praised his efforts to create jobs and return manufacturing to the US, others voiced concerns about tariffs and their impact on their businesses.
“We’re hopeful that as we continue these conversations on trade, that the energy dominance agenda becomes more important than the tariff agenda,” said Mike Sommers, chief executive of the American Petroleum Institute. The industry is trying to balance fighting for its interests with a desire not to offend the president.
The White House has announced plans to impose tariffs on imported aluminum and steel, which have already taken effect. Trump also threatened to impose fees on metals purchased from Canada, but later backtracked after securing concessions.
Worries about tariffs and the economy contributed to the S&P 500 index sliding into a correction last week. US oil prices have dropped nearly 15% since Mr. Trump took office, with some executives expressing concern that lower prices could impact their businesses.
While many energy companies expressed support for Trump’s “all of the above” approach to developing energy, others asked for more certainty and less volatility in trade policies. Industry leaders are seeking a common-sense trade policy and predictability to help them adjust to new regulations.
Trump has been inconsistent on plans to tax energy from Mexico and Canada, with the US relying heavily on Canadian oil. Some executives are optimistic about the potential benefits of Trump’s policies, while others remain cautious due to the uncertainty surrounding tariffs and economic trends.
Source: https://www.nytimes.com/2025/03/14/business/energy-environment/trump-energy-oil-gas.html