U.S. President Donald Trump is set to convene a meeting with top oil executives at the White House on Wednesday to discuss strategies for enhancing domestic energy production amid declining crude prices and impending trade disputes. This gathering will be the first of its kind since Trump commenced his second term in January. Attendees will comprise members of the American Petroleum Institute’s (API) executive committee, featuring prominent industry figures such as ExxonMobil CEO Darren Woods, Chevron CEO Mike Wirth, ConocoPhillips CEO Ryan Lance, Phillips 66 CEO Mark Lashier, and Marathon Petroleum CEO Maryann Mannen.
The session is expected to serve as a celebration of Trump’s ongoing support for the oil and gas sector, yet industry leaders are also anticipated to voice apprehensions regarding the impact of trade conflicts and stress the necessity of higher oil prices in order to fulfill the president’s pledge of bolstering domestic production. Trump’s administration has aimed to augment U.S. oil output by up to 3 million barrels per day and lower energy costs for American consumers by easing environmental regulations and expediting permitting processes.
Energy economist Ed Hirs from the University of Houston pointed out, “The most effective way to sustain oil production and energy independence is by advocating for higher oil prices. Simply drilling more is not a viable long-term solution.” Wood Mackenzie analysts have forecasted that Brent oil prices could average $73 per barrel in 2025, a decrease of $7 per barrel from 2024 due to U.S. tariff policies and efforts by OPEC+ to ramp up production.
API spokesperson Bethany Williams highlighted the trade group’s appreciation for the opportunity to discuss how the oil and gas industry contributes to economic growth and national security. Despite requests for comment, the White House has not issued a response. Trump’s trade disputes with Mexico and Canada have encountered opposition from the API, given that these countries are significant sources of imported crude oil. Although tariffs have been imposed on imported oil from these nations, exemptions have been provided for producers complying with the United States-Mexico-Canada Agreement.
API CEO Mike Sommers emphasized the importance of free and fair trade across borders to ensure the delivery of affordable and reliable energy to American consumers. The API has shared a comprehensive energy plan consisting of five key points for both Trump and Congress to consider, encompassing permit reforms, expansion of offshore oil leasing, protection of tax incentives for carbon capture and hydrogen production, and reduction of subsidies for electric vehicles.
