"The domestic oil industry has supported the president, but economic worries tied to his trade war could discourage a surge in new drilling."
"U.S. oil producers are stuck between President Donald Trump’s policies, benefiting from relaxed environmental regulations but facing weakening oil prices as tariffs weigh on the global economy.
The result: Trump’s hopes that domestic oil producers “drill, baby, drill” could soon be dashed.
The price for a barrel of U.S. benchmark oil has largely been below $65 since Trump announced in early April that he would implement widespread tariffs on nearly all U.S. trading partners, according to the U.S. Energy Information Administration. Plans for new tariffs — some of which Trump paused — have dimmed many economic forecasts while mostly not targeting oil."
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