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Trump’s energy report card
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
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The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
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US Markets
Neil Atkinson
31 January 2025
Follow @PetroleumEcon
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Oil producers under pressure in 2025

Trump may get his wish for cheaper oil, but prices will more likely be driven by fundamentals than policies

Nobody could accuse President Trump of being dull. His campaign slogan “drill, baby, drill” is being repeated even after the January inauguration. Regulations are being relaxed to allow oil and gas companies to invest in expanding production. The Strategic Petroleum Reserve will, apparently, be re-filled to capacity—an increase of nearly 300m bl from today’s level. Tariffs are promised against Canada, China, Mexico and the EU, among others, to force them to either export less to the US or import more from the US. Sanctions against Iran, Russia and Venezuela might be toughened in the coming months. And this could be just the start. Ultimately, for all the sound and fury of Trump’s initiatives

Also in this section
Trump’s energy report card
11 August 2025
The administration is pushing for deregulation and streamline permitting for natural gas, while tightening requirements and stripping away subsidies from renewables
OPEC+ off-target in July
8 August 2025
The producers’ group missed its output increase target for the month and may soon face a critical test of its strategy
The great OPEC+ reset
7 August 2025
The quick, unified and decisive strategy to return all the barrels from the hefty tranche of cuts from the eight producers involved in voluntary curbs signals a shift and sets the tone for the path ahead
Latest EU sanctions largely toothless
7 August 2025
Without US backing, the EU’s newest sanctions package against Russia—though not painless—is unlikely to have a significant impact on the country’s oil and gas revenues or its broader economy

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