‘You’re the customer’: Trump administration reaffirms support to oil and gas industry amid tariff concerns – World News

By Khumaer Bayas On Mar 15, 2025

As oil prices rebounded by 1% on Friday, President Donald Trump’s energy officials reaffirmed their steadfast support for oil, gas, and mining executives, emphasizing efforts to streamline resource extraction on federal lands and waters. Interior Secretary Doug Burgum and Energy Secretary Chris Wright emphasized the administration’s commitment to simplifying drilling processes and minimizing regulatory hurdles.

This comes as markets grappled with macroeconomic concerns, including the potential impact of tariff wars between the US and other countries on global demand, along with uncertainty surrounding a US proposal for a Russia-Ukraine ceasefire.

Resource companies are ‘Customers’

Speaking at the CERAWeek by S&P Global conference, Burgum, who leads the newly formed National Energy Dominance Council, positioned resource companies as vital contributors to the national economy. Drawing from his experience as a tech executive, he described these companies as “customers” supporting America’s “balance sheet.” Burgum asserted that royalties from federal land leases could play a significant role in reducing national debt and promoting financial stability.

Despite administrative support, oil executives acknowledged that market realities could limit production growth. Chevron and Conoco leaders indicated that US oil production might plateau in the coming years. Still, with the administration’s backing, companies are eyeing new exploration opportunities, particularly in the newly rebranded “Gulf of America.”

Industry leaders are scheduled to meet with President Trump next week to discuss further strategies to advance US energy dominance. The discussions aim to align federal policy with industry needs, ensuring long-term growth and sustainability.

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