Trump meets with senior figures from the American oil industry to promote energy dominance strategy.

On Wednesday (March 19), US President Trump met with top executives from major oil companies at the White House to discuss how to promote domestic energy production amidst falling oil prices and escalating tariff risks. This closed-door meeting marked Trump’s first formal talks with leaders from the oil and natural gas industry since returning to the White House in January.

According to Reuters, US Interior Secretary Doug Burgum and Energy Secretary Chris Wright, who participated in the meeting, told the media that the discussions focused on enhancing America’s energy dominance, streamlining permitting processes, and strengthening national grid infrastructure to boost competitiveness in the field of artificial intelligence, particularly vis-a-vis China.

Originally, the high-ranking executives from oil companies planned to express concerns to Trump regarding his tariff policies and emphasized the importance of maintaining higher oil prices for US energy production. However, Burgum stated that the meeting did not delve deeply into oil prices as they are primarily determined by market supply and demand, with Wright adding that discussions about tariffs are ongoing.

“The core of the President’s economic strategy is to reduce domestic prices and create more job opportunities,” Wright said.

Attendees included members of the American Petroleum Institute (API) Executive Committee, such as John Hess, CEO of Hess Corp, Darren Woods, CEO of ExxonMobil, Mike Wirth, CEO of Chevron, Ryan Lance, CEO of ConocoPhillips, Mark Lashier, CEO of Phillips 66, and Maryann Mannen, CEO of Marathon Petroleum.

Additionally, Harold Hamm, founder and CEO of Continental Resources, a long-time political ally of Trump, also attended the meeting. Mike Sommers, President of the American Petroleum Institute, stated after the meeting that industry leaders were pleased to have the opportunity to engage with Trump but did not disclose specific details of the discussions.

Since taking office, the Trump administration has pledged to increase US oil production by an additional 3 million barrels per day on the existing base, relax environmental regulations, and expedite permit approvals to lower energy prices and alleviate domestic inflation pressures. However, industry experts have varying opinions on this policy.

Ed Hirs, a US energy economist, believes that maintaining higher oil prices is crucial for ensuring the stability and independence of US energy production, and that relying solely on an “unlimited extraction” strategy is not a sustainable approach. He asserts that the industry hopes to convey this viewpoint to Trump.

According to energy analysis firm Wood Mackenzie, influenced by US tariff policies and OPEC+ production increase plans, the international benchmark Brent crude oil price is projected to decrease to $73 per barrel in 2025, down $7 from 2024.

On Wednesday, Brent crude oil closed at $70.78 per barrel, while US West Texas Intermediate (WTI) closed at $67.16 per barrel.

The Trump administration is set to submit a US tariff proposal to trading partners on April 2, aimed at aligning US tariffs with those of other countries, including the US’s two major neighbors – Mexico and Canada. The American Petroleum Institute is particularly concerned about these two countries as they are crucial sources of US crude oil imports.

Despite imposing tariffs on imported crude oil from Canada and Mexico, Trump has provided tariff exemptions to producers who comply with the US-Mexico-Canada Agreement (USMCA).

Last month, Mike Sommers, President of the American Petroleum Institute, stated regarding tariff issues, “The energy market is highly integrated, and cross-border free and fair trade is essential to ensure that American consumers have affordable and stable energy.”

The American Petroleum Institute has presented a five-point energy plan to the Trump administration and Congress, which includes permit reforms, expanding offshore oil leasing, and eliminating subsidies for electric vehicles.