Wall Street will stymie Trump’s US oil surge plan, shale bosses say

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Financial Times 12h ago

Wall Street will stymie Trump’s US oil surge plan, shale bosses say - Financial Times

Quick Summary:

Donald Trump’s call for a new oil boom will be thwarted by Wall Street’s reluctance to approve another drilling binge, shale bosses have warned.

The reality on the ground could be a disappointment for Trump, who is betting that a big jump in oil supply can beat back US inflation by making goods and fuel cheaper.“We will bring prices down . . . We will be a rich nation again, and it is that liquid gold under our feet that will help to do it,” the president said in his inauguration speech on Monday.

America’s second-biggest oil producer Chevron — a huge shale investor — plans to cut spending this year for the first time since the pandemic oil crash, budgeting $14.5bn-$15.5bn for 2025, down from $15.5bn-$16.5bn last year.