The chief executives of more than a dozen oil titans companies will deliver a message of gratitude. Moreover some caution. This is when they meet with President Donald Trump on Wednesday.
Industry leaders say they have plenty of reasons to give thanks. Trump is an unabashed champion of US oil and gas production who has vowed to unleash the industry’s potential. Two months into office, he’s already taken steps to begin unwinding policies that increased operational costs and reduced demand for fuel.
But for the roughly 15 oil bosses set to visit Trump at the White House, there also are warning signs on that path to energy dominance. Energy Secretary Chris Wright has floated a $50-per-barrel target for crude that’s too low to sustain some US production. The president has spent days enthusiastically praising oil price declines that came after he pushed OPEC+ to boost output and the cartel obliged.
Meanwhile, the president’s threatened tariffs are stoking industry concerns about potential economic declines even as the levies raise costs for the materials oil companies use to refine gasoline and drill wells.
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Source: Rigzone
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