Oil executives have criticized President Donald Trump’s tariffs and his ‘drill, baby, drill’ message for creating uncertainty in energy markets, affecting investment decisions. In an anonymous survey conducted by the Federal Reserve Bank of Dallas, executives expressed concerns about the administration’s policies, stating that tariff unpredictability complicates planning for future projects.
One executive remarked, “The administration’s chaos is a disaster for the commodity markets.” Another noted that the uncertainty around steel-based products makes new development planning extremely difficult. Executives also criticized the suggestion by White House advisors that the ‘drill, baby, drill’ agenda aims to push oil prices down to $50 a barrel to combat inflation.
The Dallas Fed Energy Survey, conducted quarterly with around 200 firms responding, covers operators in Texas, southern New Mexico, and northern Louisiana. Despite public praise for Trump’s energy team at industry conferences, the survey revealed stark criticism regarding market stability. — news from CNBC