Close Menu
Best in TechnologyBest in Technology
  • News
  • Phones
  • Laptops
  • Gadgets
  • Gaming
  • AI
  • Tips
  • More
    • Web Stories
    • Global
    • Press Release

Subscribe to Updates

Get the latest tech news and updates directly to your inbox.

What's On

The Newly Revived Acclaim Is Hosting A Showcase Next Month

27 August 2025

Google Will Make All Android App Developers Verify Their Identity Starting Next Year

27 August 2025

The Sonos Era 300 Is 20 Percent Off Right Now

26 August 2025
Facebook X (Twitter) Instagram
Just In
  • The Newly Revived Acclaim Is Hosting A Showcase Next Month
  • Google Will Make All Android App Developers Verify Their Identity Starting Next Year
  • The Sonos Era 300 Is 20 Percent Off Right Now
  • 100 Rapid-Fire Questions Answered About Vampire: The Masquerade – Bloodlines 2
  • Anthropic Settles High-Profile AI Copyright Lawsuit Brought by Book Authors
  • Lumines Arise Has Thumping Beats To Clear Squares To
  • What to Know Before Buying a Window Air Conditioner
  • The Next Game Informer Issue Includes A Double-Sided Phantom Blade Zero Poster
Facebook X (Twitter) Instagram Pinterest Vimeo
Best in TechnologyBest in Technology
  • News
  • Phones
  • Laptops
  • Gadgets
  • Gaming
  • AI
  • Tips
  • More
    • Web Stories
    • Global
    • Press Release
Subscribe
Best in TechnologyBest in Technology
Home » Trump Promised to ‘Drill, Baby, Drill.’ The New Rigs Are Nowhere to Be Found
News

Trump Promised to ‘Drill, Baby, Drill.’ The New Rigs Are Nowhere to Be Found

News RoomBy News Room2 August 20253 Mins Read
Share Facebook Twitter Pinterest LinkedIn Tumblr Reddit Telegram Email
Share
Facebook Twitter LinkedIn Pinterest Email

The Federal Reserve Bank of Dallas’ quarterly survey of over 130 oil and gas producers based in Texas, Louisiana, and New Mexico, conducted in June, suggests the industry’s outlook is pessimistic. Nearly half of the 38 firms that responded to this question saw their firms drilling fewer wells this year than they had earlier expected.

Survey participants could also submit comments. One executive from an exploration and production (E&P) company said, “It’s hard to imagine how much worse policies and DC rhetoric could have been for US E&P companies.” Another executive said, “The Liberation Day chaos and tariff antics have harmed the domestic energy industry. ‘Drill, baby, drill’ will not happen with this level of volatility.”

Roughly one in three survey respondents chalked up the expectations for fewer wells to higher tariffs on steel imports. And three in four said tariffs raised the cost of drilling and completing new wells.

“They’re getting more places to drill and they’re getting some lower royalties, but they’re also getting these tariffs that they don’t want,” Rapier said. “And the bottom line is their profits are going to suffer.”

Earlier this month, ExxonMobil estimated that its profit in the April–June quarter will be roughly $1.5 billion lower than in the previous three months because of weaker oil and gas prices. And over in Europe, BP, Shell, and TotalEnergies issued similar warnings to investors about hits to their respective profits.

These warnings come even as Trump has installed friendly faces to regulate the oil and gas sector, including at the Department of Energy, the Environmental Protection Agency, and the Department of the Interior, the latter of which manages federal lands and is gearing up to auction more oil and gas leases on those lands.

“There’s a lot of enthusiasm for a window of opportunity to make investments. But there’s also a lot of caution about wanting to make sure that if there’s regulatory reforms, they’re going to stick,” said Kevin Book, managing director of research at ClearView Energy Partners, which produces analyses for energy companies and investors.

The recently enacted One Big Beautiful Bill Act contains provisions requiring four onshore and two offshore lease sales every year, lowering the minimum royalty rate to 12.5 percent from 16.67 percent and bringing back speculative leasing—when lands that don’t invite enough bids are leased for less money—that was stopped in 2022.

“Pro-energy policies play a critical role in strengthening domestic production,” said a spokesperson for the American Petroleum Institute, the top US oil and gas industry group. “The new tax legislation unlocks opportunities for safe, responsible development in critical resource basins to deliver the affordable, reliable fuel Americans rely on.”

Because about half of the federal royalties end up with the states and localities where the drilling occurs, “budgets in these oil and gas communities are going to be hit hard,” Rowland-Shea of American Progress said. Meanwhile, she said, drilling on public lands can pollute the air, raise noise levels, cause spills or leaks, and restrict movement for both people and wildlife.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Previous ArticleThe 11 Best Coolers We’ve Tested for Every Kind of Adventure
Next Article Security News This Week: Google Will Use AI to Guess People’s Ages Based on Search History

Related Articles

News

Google Will Make All Android App Developers Verify Their Identity Starting Next Year

27 August 2025
News

The Sonos Era 300 Is 20 Percent Off Right Now

26 August 2025
News

Anthropic Settles High-Profile AI Copyright Lawsuit Brought by Book Authors

26 August 2025
News

What to Know Before Buying a Window Air Conditioner

26 August 2025
News

Researchers Are Already Leaving Meta’s New Superintelligence Lab

26 August 2025
News

The Framework Laptop 16 Gets a Major GPU Upgrade

26 August 2025
Demo
Top Articles

ChatGPT o1 vs. o1-mini vs. 4o: Which should you use?

15 December 2024105 Views

Costco partners with Electric Era to bring back EV charging in the U.S.

28 October 202495 Views

5 laptops to buy instead of the M4 MacBook Pro

17 November 202490 Views

Subscribe to Updates

Get the latest tech news and updates directly to your inbox.

Latest News
Gaming

Lumines Arise Has Thumping Beats To Clear Squares To

News Room26 August 2025
News

What to Know Before Buying a Window Air Conditioner

News Room26 August 2025
Gaming

The Next Game Informer Issue Includes A Double-Sided Phantom Blade Zero Poster

News Room26 August 2025
Most Popular

The Spectacular Burnout of a Solar Panel Salesman

13 January 2025129 Views

ChatGPT o1 vs. o1-mini vs. 4o: Which should you use?

15 December 2024105 Views

Costco partners with Electric Era to bring back EV charging in the U.S.

28 October 202495 Views
Our Picks

100 Rapid-Fire Questions Answered About Vampire: The Masquerade – Bloodlines 2

26 August 2025

Anthropic Settles High-Profile AI Copyright Lawsuit Brought by Book Authors

26 August 2025

Lumines Arise Has Thumping Beats To Clear Squares To

26 August 2025

Subscribe to Updates

Get the latest tech news and updates directly to your inbox.

Facebook X (Twitter) Instagram Pinterest
  • Privacy Policy
  • Terms of use
  • Advertise
  • Contact Us
© 2025 Best in Technology. All Rights Reserved.

Type above and press Enter to search. Press Esc to cancel.