Business | Not so slick

Donald Trump is throttling America’s oil industry

Many shale producers cannot turn a profit at current prices

The silhouette of a pumpjack with the sunset in the background, near Crane, Texas, USA.
Photograph: Getty Images
|New York

“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”.

Explore more

the-economist-today
The Economist today

Handpicked stories, in your inbox

A daily newsletter with the best of our journalism

Introducing our Bartleby newsletter

Step inside the world of work with The Economist’s very own white-collar oracle

People carrying a laptop with ERROR 404 written on the screen and a football coming out of it.

Why so many IT projects go so horribly wrong

And how to do them better

Silhouette of Alex Karp, chief executive officer of Palantir Technologies, speaking into a microphone against an orange screen.

What is behind the staggering ascent of Palantir?

The unorthodox firm is profiting from the AI and Trumpian revolutions

Huawei and other Chinese chip firms are catching up fast

But they still depend on America and its allies in a few vital areas

Eli Lilly looks set to steal Novo Nordisk’s weight-loss crown

Despite a late start, the American firm is bearing down on its Danish rival

Bosses beware: the tariff shock is not like covid-19

If only American businesses were so lucky