United States: President Donald Trump plans to gather top oil and gas executives at his White House for an exclusive private session on Wednesday. Domestic energy expansion stands as the central topic of discussion at this meeting which takes place while oil prices decrease and trade conflicts remain active, as reported by Reuters.
Key Industry Leaders in Attendance
Trump plans to meet oil executives at the White House for his first gathering since becoming president again in January. The API’s executive committee members form part of this meeting’s attendance, such as:
- Mike Wirth, CEO of Chevron
- Ryan Lance, CEO of ConocoPhillips
- Mark Lashier, CEO of Phillips 66
- Maryann Mannen, CEO of Marathon Petroleum
- Balancing Energy Expansion and Market Stability
Trump meets with industry leaders to express gratitude for his oil-friendly position and discusses their worries about trade regulations and crude oil price instability.
Trump committed to raising daily U.S. oil output by 3 million barrels while cutting down environmental rules to give Americans cheaper energy. Industry professionals predict oil prices need to rise for production to stay steady even after drillings stop.
“The best way to maintain oil production and energy independence is to support a higher oil price,” said Ed Hirs, an energy economist at the University of Houston.
Trump hosts top US oil chief executives as trade wars loom https://t.co/NjPp8SB6qx
— ST Foreign Desk (@STForeignDesk) March 19, 2025
Trade Tensions and Market Outlook
Industry analysts at Wood Mackenzie anticipate that global oil prices will decline significantly to $73 per barrel by 2025 because of U.S. trade policies together with OPEC+ decisions to boost their production numbers.
The American Petroleum Institute stands against Trump’s trade strategies for Mexico and Canada since these nations provide major amounts of the US’s imported crude oil. The industry maintains that energy market disruptions through tariffs lead to increased costs for U.S. consumers.
API CEO Mike Sommers stated that integrated energy markets require free and fair cross-border trade to maintain affordable reliable energy, as reported by Reuters.
API’s Five-Point Energy Plan for Trump
Ahead of the meeting, the API presented a five-point plan to the administration and Congress, outlining key energy priorities:
- Permit reform to accelerate energy infrastructure projects.
- Expanding offshore oil leasing to increase domestic production.
- Protecting carbon capture and hydrogen incentives for cleaner energy investments.
- Ensuring trade stability by avoiding tariffs on North American crude oil.
- Eliminating electric vehicle subsidies to sustain demand for fossil fuels.