Some oil patch execs say "drill baby drill" isn't happening

[BumRushDaShow]

Source: Axios

6 hours ago


President Trump wants to "drill baby drill." But many producers in the heart of the oil patch have other plans — and some say Trump's trade policies are discouraging drilling.

Why it matters: Many things affect gasoline prices. But producers' caution about growing output could limit how much prices at the pump might fall by helping avoid a large market glut of oil.

Driving the news: The Federal Reserve Bank of Dallas on Wednesday released its latest quarterly survey of execs in its region that includes the prolific Permian Basin.

These anonymous surveys are hot commodities for anyone seeking the industry pulse.

Threat level: "The Liberation Day chaos and tariff antics have harmed the domestic energy industry," one executive told the Fed.

"Drill, baby, drill will not happen with this level of volatility. Companies will continue to lay down rigs and frack spreads," said the exec, one of several who criticized the tariffs.

Read more: https://www.axios.com/2025/07/03/dallas-fed-oil-drilling-decline

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The U.S. is already pumping out a record amount - in the 13 +/- million bbls/per day range.



(from here - https://wolfstreet.com/2025/03/04/u-s-production-exports-of-crude-oil-petroleum-products-hit-new-record-in-2024-imports-dipped-further-spr-refilling-halted-in-february/

Also EIA current - https://www.eia.gov/dnav/pet/hist/leafhandler.ashx?n=pet&s=mcrfpus2&f=m )