U.S. Oil Industry Is Discontent Over Trump’s Policies

(MENAFN) The U.S. oil sector is increasingly frustrated with Leader Donald Trump’s policies, as reported by the media.

Falling crude prices and ongoing tariffs are creating an unsustainable environment for producers, especially the smaller companies.

A publication highlighted that these factors are putting significant strain on the industry.

During his election campaign, Trump embraced the slogan “drill, baby, drill,” vowing to breathe new life into the oil industry, which he argued was being stifled by previous President Joe Biden’s environmental regulations.

The US oil industry had strongly supported Trump's candidacy, but “some executives are now feeling shortchanged” as crude prices have decreased by 20 percent since he took office in January.

Just last month, West Texas Intermediate dropped to as low as USD55 per barrel.

The decline in oil prices is helping Trump fulfill his campaign promise to reduce inflation, but it is coming at a considerable expense to domestic oil producers.

According to the media, larger corporations such as Exxon Mobil and Chevron can endure the low prices, but smaller independent producers are feeling the effects.

This is reflected in the USD1.8 billion in spending cuts these firms have announced in recent weeks.

Andy Hendricks, the CEO of Patterson-UTI Energy Inc., was quoted by the media, saying that “$50 oil and ‘drill, baby, drill’” are “incompatible.”

Additionally, the ongoing trade war that Trump has initiated with various countries is also damaging American oil producers.

Many of the supplies and equipment they rely on come from China, Korea, Brazil, as well as Mexico, meaning that essential repairs have become a “source of anxiety” for the industry, according to the report.

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