Trump hosts US top oil chief executives as trade wars beckon

On Wednesday, U.S. President Donald Trump will host top oil executives at the White House.

It will be to discuss plans for increasing domestic energy production amid falling crude prices and the threat of trade wars.

The meeting, set to begin at 2 p.m. ET (1800 GMT), will be Trump’s first with oil and gas industry leaders since he resumed office for his second term in January.

This gathering is seen as part of a “victory lap” for Trump’s early support of the oil industry, according to one source familiar with the event’s planning.

However, executives are expected to voice concerns about the impact of Trump’s tariffs.

They are also expected to emphasize the need for higher oil prices to meet his goal of boosting domestic production.

The meeting will include members of the American Petroleum Institute’s executive committee, the source added.

Among the key leaders attending are John Hess, CEO of Hess Corp; Darren Woods, CEO of ExxonMobil.

Others are Mike Wirth, CEO of Chevron; Ryan Lance, CEO of ConocoPhillips; Mark Lashier, CEO of Phillips 66; and Maryann Mannen, CEO of Marathon Petroleum.

Harold Hamm, founder and CEO of Continental Resources and a major Trump political donor, is also expected to attend.

When Trump took office, he promised to increase U.S. oil production by up to 3 million barrels per day and lower energy prices for Americans struggling with inflation.

His strategy included rolling back environmental regulations and expediting permitting processes.

Ed Hirs, an energy economist at the University of Houston, commented that supporting higher oil prices is key to maintaining oil production and energy independence.

He added that the current “drill-baby-drill” approach is not sustainable, and executives are likely to tactfully make this point to Trump.

Energy analysts at Wood Mackenzie forecast that Brent oil prices will average $73 per barrel in 2025.

This is down by $7 from 2024 due to U.S. tariffs and OPEC+ output increases.

Energy Secretary Chris Wright said that Trump’s goal is to unleash American energy, reduce energy prices, and curb inflation.

“President Trump’s message to leading oil executives is clear: America is open for business,” Wright stated.

In response to questions about the meeting, API spokesperson Bethany Williams reiterated that the group values the opportunity for discussion.

The discussion will be on how the industry contributes to economic growth and national security.

Trump’s ongoing trade war with Mexico and Canada has drawn opposition from the API, as these countries are major sources of imported crude oil.

Trump has already imposed tariffs on imported oil from both nations.

But has allowed exemptions for producers who comply with the United States-Mexico-Canada Agreement.

Last month, API CEO Mike Sommers stated,

“Energy markets are highly integrated, and free and fair trade across our borders is critical for delivering affordable, reliable energy to U.S. consumers.”

The API has also presented a five-point energy plan to Trump and Congress.

These plans include:

• reforms to permits,
• boosting offshore oil leasing,
• protecting tax credits for carbon capture and hydrogen production,
• and cutting subsidies for electric vehicles.