Some US oil managers see disaster on the agenda of Trump, ‘Drill, baby, drill’ ‘legendary and populist collection cry’

• Dallas Fed’s latest energy survey Among the executives, President Donald Trump’s tariffs and oil production agenda revealed deep skepticism. In the anonymous comments, participants refused the uncertainty and higher costs of tariffs, while estimating that the raw prices will reduce production instead of expanding it, rather than expanding the barrel.

In anonymous comments collected by Dallas FedSome US oil and gas managers did not suffer from criticizing President Donald Trump’s basic policies.

Most of the respondents, while maintaining uncertainty and higher costs from tariffs, others said that their plans to sharply reduce crude oil prices are incompatible with a major expansion in energy production.

“The chaos of the administration is a disaster for the commodity markets. ‘Drill, baby, drill’ is nothing more than a legend and populist collection. He said.

The White House did not respond immediately to the request for comments.

Trump has already slapped tariffs in China, Canada, Mexico, Steel, Aluminum and Automobiles and threatened tasks on drugs, chips, timber and the European Union. The minister reported that mutual tariffs will be announced on April 2, but he was reportedly pushed for a more aggressive taxes and potentially a universal task.

Trump’s previous tariffs were re -released and again to the market, enterprises and consumers made a whip. Meanwhile, US refineries import oil from Canada and Mexico, while manufacturers rely on imported metals for drilling operations.

Despite the record amount of oil pumping during the Biden administration, the energy industry greatly supported Trump and celebrated his return to the office.

However, since then, Trump officials have targeted oil inflation cooling and encouraging federal reserve to reduce interest rates. Especially, management proposed $ 50 per barrel crude oilHelping a major increase caused by expanded production.

Now it seemed to be finished, because an industry would not be economically possible an $ 50 barrel.

“The threat of oil prices of $ 50 by the administration caused our company to reduce 2025 and 2026 capital expenditures. ‘

Another said, “I didn’t feel any more uncertainty about our business in my career for more than 40 years.”

Of course, some participants met Trump’s clarity of climate change policies and to increase the export of liquid natural gas.

However, the general tone was gloom and Dallas Fed’s Business Index fourth quarter of 6.0 fell from 6.0 to 3.8 in the first quarter

The company Outlook Index fell 12 points and proposed pessimism among companies, and Outlook uncertainty index rose to 21 points 43.1.

“The political climate caused by the new presidential administration seems to create instability. Energy markets are not exempt from the loss of public faith in all markets.” He said.

. Dallas Fed’s production survey Last month, even in the conservative regions of the country, the executives who voted for Trump showed a collapse under work conditions due to tariff uncertainty.

This came after finding plans for the economic appearance of separate research from other regional -fed banks.

Meanwhile, as Trump focuses on perceptions of federal layoffs and tariffs about the labor market and inflation, consumers turned negatively.

On Tuesday, the last research of the conference board announced that consumer confidence has fallen for the fourth month.

In particular, the expectations index of the questionnaire based on the short -term appearance for consumers’ revenue, work and labor market conditions are well below the 80 thresholds, which often pointing to the lowest level in 12 years and often a stagnation. “

This story initially took part in Fortune.com