Oil industry that Trump wants to ‘drill, baby, drill’ has taken a beating since he took office

Drill, baby, drrill - that was Donald Trump's mantra in the presidential election campaign. The 78-year-old wanted to free the oil and gas industry from the environmental shackles of the Biden government and herald an era of US energy dominance. But the oil companies do not cheer, they suffer.

Trump’s Policies Are Creating Uncertainty for Fossil Fuel Companies

The Trump administration aims to make fossil fuels cheap—so cheap they wouldn’t be worth extracting. “‘Drill, baby, drill’ is nothing short of a myth,” one oil executive has said.

Oil industry that Trump wants to 'drill, baby, drill' has taken a beating since he took office

President Donald Trump wants the oil and gas industry to “drill, baby, drill” in pursuit of his energy dominance agenda, but the companies involved in the actual drilling and servicing of wells have instead taken a beating during his first 100 days in office.

Oil industry that Trump wants to ‘drill, baby, drill’ has taken a beating since he took office

U.S. crude oil prices have fallen more than 20% since Trump took office, to below $65 per barrel, making it unprofitable for many companies to drill.

Trump’s Policies Are Creating Uncertainty for Fossil Fuel Companies - WorldNL Magazine

“Lawyers are going to have a field day with this,” says Hathaway, who now works as a director at Lawyers for Good Government, a legal nonprofit dedicated to progressive advocacy.It’s clear these new rules are exclusively a gift to extractive industries like drilling and mining. Solar and wind projects—which the administration has repeatedly attacked, withdrawing leases for offshore wind and ordering a construction halt on projects already underw…

Trump - Thoughtful Journalism About Energy's Future

This article was published by The Energy Mix on April 28, 2025. By Mitchell Beer From Oklahoma oil producers to coastal liquefied natural gas (LNG) shippers, U.S. fossil companies are beginning to worry that the president they invested more than US$200 million to bring back to the White House is endangering their business. Donald Trump famously came to power on a “Drill, Baby, Drill” platform that raised skeptical eyebrows before he was even ina…