Trump Vow to ‘Drill, Baby, Drill’ Collides With Industry Caution
- Republican presidential nominee seeks US energy dominance
- Policy pivots could foster demand and lift drilling obstacles
Donald Trump on Thursday championed riches from oil drilling, casting energy development as a potential economic boon for the country.
Photographer: Victor J. Blue/BloombergAs he accepted the Republican presidential nomination Thursday night, Donald Trump led delegates at the party’s Milwaukee convention in raucous chants for the US to “drill, baby, drill,” underscoring his commitment to domestic oil development.
While it’s a message that resonates strongly with Trump’s GOP base, it belies the reality in the boardrooms of the country’s top oil producers, where executives have shown little appetite to dramatically boost output. Instead, they’ve embraced strict fiscal discipline and a focus on shareholder returns, chastened by huge losses from collapsing energy prices during the pandemic.