US and international oil producers are pushing back on the Trump administration's plan to pump more crude

Source: Business Insider

US and international oil producers are pushing back on the Trump administration's plan to pump more crude

Filip De Mott
Tue, February 4, 2025 at 9:32 PM EST 2 min read

• President Trump wants to increase drilling to lower oil prices, but producers are hesitant.
• Sources told The Wall Street Journal that US producers aren't looking to boost production.
• OPEC+ also won't deliver on the White House's request for more oil.

President Donald Trump's pledge to lower prices at the pump is getting tested by US and international energy producers alike.

Though the administration has committed to sweeping away regulation of the oil and gas industry, that might not be enough incentive for producers to "drill, baby, drill."

While the Trump mantra defined the president's energy platform during his campaign, it glosses over the fact that US shale firms are already pumping historic amounts of oil. At this point, a boost to drilling and a surge in oil supply could threaten profitability.

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Read more: https://finance.yahoo.com/news/us-international-oil-producers-pushing-023243680.html