U.S. President Donald Trump met with top oil and gas executives at the White House on Wednesday, outlining plans to boost domestic energy production as crude prices decline and trade tensions with Mexico and Canada escalate.
The meeting, Trump's first with energy leaders since returning to office in January, focused on American energy dominance, permit reforms, and strengthening the nation’s electricity grid to compete with China in artificial intelligence, according to Interior Secretary Doug Burgum and Energy Secretary Chris Wright.
Executives had been expected to raise concerns over Trump’s tariffs and highlight the need for higher oil prices to support U.S. production, but Burgum said pricing was not discussed, citing supply and demand as the determining factor.
API President Mike Sommers said industry leaders appreciated the opportunity to meet with Trump but did not disclose details of the discussions.
The meeting included members of the American Petroleum Institute’s (API) executive committee, including CEOs from ExxonMobil, Chevron, ConocoPhillips, Phillips 66, Marathon Petroleum, and Hess Corp. Also present was Harold Hamm, CEO of Continental Resources and a key Trump ally.
Trump is pursuing trade measures against Mexico and Canada, two of the U.S.’s top crude suppliers, which API has publicly opposed. While Trump has already imposed tariffs on imported crude, exemptions have been granted for producers complying with the United States-Mexico-Canada Agreement (USMCA).
"Energy markets are highly integrated, and free and fair trade across our borders is critical for delivering affordable, reliable energy to U.S. consumers," API CEO Mike Sommers said in response to the tariffs last month.
API has proposed a five-point energy plan for Trump and Congress, calling for permit reform, offshore oil leasing, tax credits for carbon capture and hydrogen production, and cutting electric vehicle subsidies.
Analysts at Wood Mackenzie forecast Brent crude prices to average $73 per barrel in 2025, a $7 drop from 2024, citing U.S. tariffs and OPEC+ output increases. On Wednesday, Brent crude settled at $70.78 per barrel, while West Texas Intermediate (WTI) closed at $67.16.
Trump and his allies have vowed to increase U.S. oil production by 3 million barrels per day while cutting energy costs for Americans through deregulation and permit acceleration.
However, Ed Hirs, an energy economist at the University of Houston, warned that boosting output without ensuring stable prices could hurt the industry.
"The best way to maintain oil production and energy independence is to support a higher oil price," Hirs said. "Drill-baby-drill is not the way forward."
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A small propeller plane crashed in the Austrian Alps on Saturday, killing all four people on board, authorities said.
The death toll from flash floods in Texas has risen to at least 43, including 15 children, officials said on Saturday.
The death toll from a collapsed residential building in southern Pakistan has climbed to 21 as rescuers continue searching for survivors into the second day.
Kenya’s Beatrice Chebet broke the women’s 5000-metre world record on Saturday, becoming the first woman in history to run the distance in under 14 minutes.
A magnitude 5.5 earthquake struck off Japan’s Tokara Islands on Wednesday, with no tsunami warning issued but residents advised to remain vigilant.
The United States has rescinded licensing restrictions on ethane exports to China, allowing shipments to resume after a temporary halt and signalling progress in efforts to ease recent trade tensions.
Italy plans to grant approximately 500,000 work visas to non-EU nationals between 2026 and 2028, as announced in a cabinet statement. The initiative aims to address labor shortages by expanding legal immigration pathways
Following a deadly glacier collapse in Blatten, near the Swiss Alpine village of Kandersteg, the town is on high alert as melting permafrost and shifting rock threaten another potential disaster after it was buried a month ago.
A malfunction in the radar transmission system at the Area Control Center in Milan suspended more than 300 flights at the weekend, across northwest Italy since Saturday evening according to Italy's air traffic controller Enav (National Agency for Flight Assistance).
Shanghai welcomed its first-ever Legoland resort, attracting visitors with a giant 26-meter Lego figure named Dada.
Northern Pakistan recorded some of its highest temperatures ever on Saturday, with Gilgit-Baltistan’s Chilas district reaching 48.5°C (119.3°F), breaking a 28-year-old record, according to the Meteorological Department.
Türkiye sent two firefighting aircraft to Syria on Saturday to help control wildfires as crews battled flames on both sides of the border.
A small propeller plane crashed in the Austrian Alps on Saturday, killing all four people on board, authorities said.
The death toll from a collapsed residential building in southern Pakistan has climbed to 21 as rescuers continue searching for survivors into the second day.
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