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# Trump to Meet with Oil Execs Amid Price Concerns and Trade Tensions
President Donald Trump is set to convene a high-stakes meeting with top executives from the oil and gas industry at the White House on Wednesday. The gathering, slated for 2 p.m. ET (1800 GMT), comes at a critical juncture for the energy sector, marked by fluctuating crude oil prices, escalating trade disputes, and the President's ambitious goals for domestic energy dominance. This marks Trump's first formal sit-down with industry leaders since commencing his second term, a fact that underscores the significance of the event.
The meeting is envisioned by some as a celebratory "victory lap" for Trump, acknowledging his consistent support of the oil and gas sector throughout his presidency. However, beneath the veneer of mutual appreciation, deeper anxieties are expected to surface. Oil executives are likely to voice significant apprehension regarding the potential impact of Trump's protectionist trade policies, particularly the imposition of tariffs, on the industry's financial health.
The core message from the executives will likely center on the fundamental need for higher oil prices to enable them to fulfill Trump's core campaign promise: a substantial boost in domestic energy production. They'll argue that achieving energy independence and lowering energy costs for American consumers necessitates a stable and profitable oil market.
Attendees will include prominent members of the American Petroleum Institute's (API) executive committee. Key figures expected to participate are John Hess, CEO of Hess Corp; Darren Woods, CEO of ExxonMobil; Mike Wirth, CEO of Chevron; Ryan Lance, CEO of ConocoPhillips; Mark Lashier, CEO of Phillips 66; and Maryann Mannen, CEO of Marathon Petroleum. Also anticipated to be present is Harold Hamm, founder and CEO of Continental Resources, a staunch Trump supporter and significant political donor.
During his initial campaign and subsequent presidency, Trump repeatedly pledged to dramatically increase U.S. oil production, targeting an increase of up to 3 million barrels per day. A key element of his strategy involved slashing environmental regulations, expediting permitting processes, and generally creating a more favorable regulatory environment for the oil and gas industry. These actions were designed to lower energy costs for American families burdened by inflation.
However, the current economic climate presents a complex challenge. As Ed Hirs, an energy economist at the University of Houston, points out, a simple "drill-baby-drill" approach is no longer sufficient. Sustaining oil production and achieving genuine energy independence, Hirs argues, requires a commitment to supporting higher oil prices. The executives will need to delicately convey this message to the President.
Recent analysis from energy analytics firm Wood Mackenzie further complicates the picture. Their projections indicate that benchmark Brent oil prices are expected to average $73 per barrel in 2025, a decrease of $7 per barrel compared to 2024. This anticipated decline is attributed to the combined effects of U.S. tariff policies and OPEC+'s plans to increase output, creating a double whammy for the industry.
When contacted for comment, API spokesperson Bethany Williams reiterated the organization's stance that the API values the opportunity to discuss the industry's role in driving economic growth and bolstering national security. The White House has remained silent on the specifics of the meeting.
Trump's pursuit of trade wars with key allies like Mexico and Canada is a major point of contention. The API has publicly expressed its opposition to these policies, primarily because these two nations are significant sources of U.S. crude oil imports. Disruptions to these trade relationships could have serious consequences for energy prices and supply chains.
Although Trump has already implemented tariffs on imported crude oil from Canada and Mexico, he has granted exemptions to producers who can demonstrate compliance with the United States-Mexico-Canada Agreement (USMCA), a trade pact designed to promote closer economic ties between the three nations.
Last month, in response to the tariffs, API CEO Mike Sommers emphasized the interconnected nature of energy markets, stating, "Energy markets are highly integrated, and free and fair trade across our borders is critical for delivering affordable, reliable energy to U.S. consumers."
Beyond the immediate concerns of tariffs and oil prices, the API has outlined a comprehensive five-point energy plan for Trump and Congress. This plan includes streamlining the permitting process for energy projects, expanding offshore oil and gas leasing opportunities, safeguarding tax credits for carbon capture and hydrogen production, and scaling back subsidies for electric vehicles. The API argues that these measures are essential for ensuring long-term energy security and affordability.
The meeting between President Trump and the oil executives will be closely watched by industry observers and policymakers alike. It represents an opportunity for a frank exchange of views on the challenges and opportunities facing the energy sector, and potentially a course correction in the administration's approach to energy policy. The stakes are high, as the decisions made in the coming months will have a profound impact on the future of U.S. energy production, prices, and global competitiveness. The delicate balance between the President's desire for energy independence, the industry's need for profitability, and the economic realities of global trade will be at the forefront of the discussion.
