President Donald Trump’s push to “drill, baby, drill” is inching further out of reach, as many oil and gas executives are reporting lower drilling and exploration activities for the end of the year.
While policies from the Trump administration have put downward pressure on oil prices, offering relief for consumers at the pump, executives say the falling prices are hurting their operations and investment.
This is the fourth consecutive survey in which oil and gas executives have anonymously criticized the administration’s policies, a stark contrast from the support the fossil fuel industry has offered the president in public.
Throughout the year, executives have warned that the administration would be unable to achieve its “drill, baby, drill” agenda with crude oil prices falling below the $60-per-barrel line, particularly as supply chain costs have increased due to Trump’s tariffs on products such as steel and aluminum.
One exploration and production firm executive said their company only runs one drilling rig. Earlier this year, it had three rigs.
While the administration has touted record oil production for the months of August and September, some executives are skeptical that the industry is experiencing substantial growth, with many reporting declines in production compared to the same period last year.
“There is no way that the U.S oil production data is correct,” one exploration and production first executive said in anonymous comments submitted alongside the survey.
Roughly 46.3% of all oil and gas firms surveyed responded that they were experiencing a decrease in their level of business activities, while 25.8% of firms reported a decline in employment.
Only 27.6% of firms reported an increase this quarter compared to last year. Similarly, only 14.5% reported experiencing an increase in employment.
“The activity level is still slowing,” one oil and gas support services firm executive said.
OIL EXECUTIVES GROW PESSIMISTIC WITH MARKET AND TRUMP, SURVEY SHOWS
If the tariffs remain in place and oil prices continue to fall, several executives have warned, drilling activities will continue to be strained.
“If economic conditions worsen, drilling and completion activities will cease in 2026,” one executive said.
