US oil executives criticize Trump's agenda and tariffs, predicting economic disaster and decreased production
From Yahoo Finance: 2025-03-29 15:21:00
US oil and gas executives express deep skepticism toward President Trump’s tariffs and oil-production agenda. They criticize the uncertainty and higher costs of tariffs, while predicting that lowering crude prices to $50 a barrel would reduce production. The industry warns $50/barrel would be economically unfeasible, leading to decreased employment and production.
The White House has implemented tariffs on various countries and industries, with potential for more aggressive levies. Trump’s tariffs have caused instability in the energy markets, impacting businesses and consumers. Despite record oil production under Biden, the industry now criticizes Trump’s push for $50/barrel crude prices.
Some executives welcome Trump’s shift away from climate-change policies but overall, the tone is gloomy. The Dallas Fed’s business activity index dropped, indicating pessimism among firms. The company outlook index plunged, and the outlook uncertainty index rose, reflecting instability and loss of public faith in markets.
Surveys show a collapse in business conditions in conservative parts of the country amid tariff uncertainty. Consumer confidence has fallen for the fourth consecutive month, with expectations at a 12-year low. Trump’s federal layoffs and tariffs contribute to negative consumer perceptions of the job market and inflation, signaling potential economic recession ahead.