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- President Trump is meeting with oil industry executives to address falling oil prices and the impact of his administration’s tariff policies.
- The meeting comes as U.S. shale producers express concerns about profitability at current oil prices, challenging the “drill, baby, drill” narrative.
- Discussions are expected to cover the impact of trade tensions and tariffs on the energy sector, as well as the industry’s concerns about market stability.
U.S. President Donald Trump is set to host on Wednesday a group of oil company executives in the first such sit-down since his return to the White House.
President Trump will meet at a closed-door event members of the executive committee of the American Petroleum Institute (API), a source with knowledge of the planning of the meeting told Reuters.
The chief executives of the biggest U.S. oil producers and refiners are among the leaders of the API executive committee.
The Trump-industry meeting comes amid falling oil prices and a Trump Administration calling for “drill, baby, drill”, while oil producers have started to express caution that drill, baby, drill isn’t happening at the current WTI prices of about $66 per barrel and sure will not happen at prices below $65 or $60.
U.S. shale needs much higher oil prices than $50 per barrel, and even higher than the current WTI Crude price in the high $60s, for a “drill, baby, drill” boom, oil tycoon and Trump campaign donor Harold Hamm told Bloomberg last week.
There are a lot of fields that are getting to the point that’s real tough to keep that cost of supply down,” Hamm told Bloomberg Television in an interview.
The meeting between President Trump and the oil industry executives is also taking place amid trade rows and tariffs on all major U.S. trade partners, which could slow down the U.S. economy and fuel demand, as well as raise the costs for American producers to drill wells, due to the steel tariffs, analysts and industry executives have said in recent days.
API President and CEO Mike Sommers last month commented on the planned U.S. tariffs on Mexico and Canada that “Energy markets are highly integrated, and free and fair trade across our borders is critical for delivering affordable, reliable energy to U.S. consumers. We will continue to work with the Trump administration on full exclusions that protect energy affordability for consumers, expand the nation’s energy advantage and support American jobs.”
By Tsvetana Paraskova for Oilprice.com
The post Trump to Meet Oil CEOs Amid Market Turmoil appeared first on Energy News Beat.
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