Closed-Door Meeting to Address Crude Prices, Domestic Production, and Tariffs
Washington, D.C. – President Donald Trump is set to host top U.S. oil and gas executives at the White House on Wednesday in a high-stakes meeting focused on domestic energy production, crude prices, and ongoing trade tensions with key North American partners.
This will be Trump’s first formal sit-down with energy industry leaders since assuming office for his second term in January 2025. The closed-door meeting is expected to be attended by key members of the American Petroleum Institute (API), the country’s largest oil and gas trade association.
Highlights of the Meeting:
✔ Trump to meet with executives from ExxonMobil, Chevron, ConocoPhillips, and other top oil companies
✔ Discussions to focus on energy independence, crude prices, and environmental deregulation
✔ Industry leaders expected to express concerns over Trump’s trade war with Canada and Mexico
✔ Oil prices remain under pressure, with Brent crude forecasted to average $73 per barrel in 2025
✔ API calls for policy reforms, including offshore leasing expansion and tax incentives for carbon capture
Industry Leaders to Engage in High-Level Talks with Trump
The API’s executive committee, which represents some of the world’s largest oil and gas companies, will participate in the meeting. Among the notable attendees are:
- Darren Woods, CEO of ExxonMobil
- Mike Wirth, CEO of Chevron
- Ryan Lance, CEO of ConocoPhillips
- Mark Lashier, CEO of Phillips 66
- Maryann Mannen, CEO of Marathon Petroleum
According to a source familiar with the planning, the meeting will serve partly as a “victory lap” for Trump, highlighting his administration’s pro-energy policies. However, industry leaders are also expected to push back against Trump’s escalating trade war with Mexico and Canada, which they argue could disrupt the sector’s economic stability.
Trade War Tensions: API Opposes Tariffs on Canadian and Mexican Crude
One of the most contentious issues at the meeting will be Trump’s trade war with Canada and Mexico, two of the largest exporters of crude oil to the U.S.
Earlier this year, Trump imposed tariffs on imported crude from these countries, a move that API has publicly opposed. While some exemptions were granted to producers who could prove compliance with the United States-Mexico-Canada Agreement (USMCA), industry executives remain concerned about the long-term impact of these policies.
“Energy markets are highly integrated, and free and fair trade across our borders is critical for delivering affordable, reliable energy to U.S. consumers,” said API CEO Mike Sommers in a statement last month.
Oil Prices and Energy Independence: Can Trump Deliver?
As part of his campaign promises, Trump pledged to boost U.S. oil production by up to 3 million barrels per day, aiming to lower domestic energy prices and reduce reliance on foreign oil. However, analysts warn that simply increasing drilling efforts may not be the solution.
According to Ed Hirs, an energy economist at the University of Houston:
“The best way to maintain oil production and energy independence is to support a higher oil price. Drill-baby-drill is not the way forward. And so I think they’re going to try and make that point to him tactfully.”
Industry forecasts indicate that Brent crude prices could average $73 per barrel in 2025, a $7 drop from 2024 levels, due to a combination of:
✔ U.S. tariff policies impacting global oil flows
✔ OPEC+ decisions to increase production
✔ Market uncertainty over long-term demand trends
API’s Five-Point Plan for U.S. Energy Policy
To address these challenges, the API has presented a five-point energy plan for Trump and Congress, advocating for:
- Permit Reform – Accelerating the approval process for energy projects
- Boosting Offshore Oil Leasing – Expanding drilling opportunities in federal waters
- Protecting Tax Credits – Ensuring incentives for carbon capture and hydrogen production
- Rolling Back EV Subsidies – Reducing government support for electric vehicles (EVs)
- Enhancing Infrastructure Investment – Strengthening pipeline capacity and refining capabilities
- API spokesperson Bethany Williams reiterated the trade group’s commitment to working with the Trump administration, stating:
“We appreciate the opportunity to discuss how the industry is driving economic growth and strengthening national security.”
U.S. Energy Policy?
With Trump’s administration prioritizing deregulation and domestic energy production, the outcome of this meeting could have significant implications for the oil and gas sector. Key developments to watch include:
🔹 Further tariff actions on energy imports from Mexico and Canada
🔹 Potential rollbacks of environmental regulations affecting oil and gas exploration
🔹 Government incentives for expanding domestic oil production
🔹 Ongoing discussions between industry leaders and policymakers on energy pricing and stability
While Trump remains steadfast in his America-first energy policies, industry leaders are expected to urge caution on trade wars and advocate for a more balanced approach to energy production and pricing.
