Donald Trump is throttling America’s oil industry (gift article)

“If i’m not president, you’re fucked.” So Donald Trump reportedly told a roomful of oil bosses gathered at Mar-a-Lago after his re-election. During the campaign Mr Trump sought to position himself as the American oil industry’s only hope against the supposedly hydrocarbon-hating Democrats—brushing aside the fact that domestic oil production rose sharply during Joe Biden’s time in office. Since his arrival in the White House, he has set about rolling back environmental regulations and expedited permitting in an effort to get America’s oilmen to “drill, baby, drill”.

With his trade war, however, the president has also trampled on global demand for hydrocarbons. Since he returned to the Oval Office, the benchmark West Texas Intermediate oil price has fallen from $80 a barrel to $60. That is a problem for the country’s shale patch, which accounts for around two-thirds of domestic output—and for smaller producers in particular, who have been among the president’s most enthusiastic backers.