President Trump’s election promises to ease drilling regulations for oil and gas companies have not materialized as expected. Instead, his tariffs have led to increased costs for essential materials like steel pipes used in drilling. While there hasn’t been a significant change in U.S. drilling activity yet, companies are adjusting budgets due to higher material costs. Additionally, oil refineries face potential tariffs on Canadian oil, impacting fuel production. With oil prices falling about 10 percent since Trump took office, companies may reduce drilling. This situation complicates Trump’s goal of boosting U.S. oil and natural gas production, which is already at record levels. — news from The New York Times
