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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