Oil executives who met with President Donald Trump this week focused primarily on the need for faster permitting for new projects, steering clear of discussions about oil prices—a topic Trump has been vocal about wanting to lower, but which the industry is not seeking.
Reports indicate that while tariffs were also discussed, there were no specific details provided by Interior Secretary Doug Burgum and Energy Secretary Chris Wright, who addressed the media after the meeting.
Burgum emphasized that oil prices, which are determined by supply and demand, were not part of the conversation. “There’s nothing we can say in that room that would change that one iota,” he remarked.
The key topic during the talks was the industry’s call for permanent legislative changes to streamline the permitting process for new oil and gas developments. According to Burgum, the permitting process currently takes longer than the construction of critical infrastructure. “We did talk a lot about permitting, because one of the things that this industry has faced is the onslaught of regulation that really had one goal in mind: trying to drive their business out of business,” he added.
The Biden administration’s regulatory framework has created significant hurdles for the energy sector, complicating efforts for companies to expand. Despite these challenges, the industry has managed to push production to new highs.
While permitting remains a central concern, discussions about oil prices are proving to be more contentious. The oil sector has made it clear it will not prioritize increasing production just to accommodate Trump’s desire for cheaper energy. Instead, the industry’s focus is on maintaining fiscal discipline and maximizing shareholder value—an agenda that is not aligned with the president’s push for lower energy costs.