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Oil and gas execs are showing signs of frustration with White House tariff and energy policies.
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Respondents to an anonymous Fed survey report growing uncertainty in the US energy industry.,
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"Tariff policy is impossible for us to predict and doesn't have a clear goal. We want more stability"."
The Trump administration's plans to bolster US energy production are upsetting the industry.
Oil and gas executives are showing widespread frustration with President Donald Trump's energy policies so far, which have been blunted by his other actions. Operators surveyed by the Federal Reserve Bank of Dallas cited overwhelming uncertainty, questioning how the administration plans to boost US energy dominance while simultaneously raising tariffs.
"'Drill, baby, drill' is nothing short of a myth and populist rallying cry," one comment said, referring to Trump's pro-industry campaign slogan. "Tariff policy is impossible for us to predict and doesn't have a clear goal. We want more stability."
Tariff frustration was a shared theme among anonymous responders in the latest quarterly survey. Commentators were particularly concerned with last month's steel levies, which have amplified the challenges of planning ahead.
"Uncertainty around everything has sharply risen during the past quarter. Planning for new development is extremely difficult right now due to the uncertainty around steel-based products."
What's more, the White House seems to be pursuing two conflicting priorities with its energy policies. On one hand, Trump hopes to see production boom, but has also called for cheaper oil.
"There cannot be 'US energy dominance' and $50 per barrel oil; those two statements are contradictory," one comment said. "At $50-per-barrel oil, we will see U.S. oil production start to decline immediately and likely significantly (1 million barrels per day plus within a couple quarters). This is not 'energy dominance."
Energy experts previously told Business Insider that American energy producers are not interested in lowering costs and expanding production capacity, as they are more focused on returning money to shareholders. Meanwhile, US crude production has hit all-time highs over recent years, casting Trump's "drill, baby, drill" mantra into doubt.
"The political climate caused by the new presidential administration appears to be creating instability. Energy markets are not exempt from the loss of public faith in all markets."