During a recent energy summit in Oklahoma City, U.S. Energy Secretary Chris Wright reassured oil executives that the market instability caused by ongoing trade tensions is only temporary. Speaking to Bloomberg Television, Wright emphasized that the Trump administration remains fully committed to supporting domestic oil and gas production.
“The concerns over tariffs are a short-term issue,” Wright said, noting that current volatility is a result of the U.S. pushing for stronger trade agreements. He expressed confidence that the uncertainty would likely ease within weeks.
Wright, a former executive in the fracking services industry, said the administration’s focus is on removing regulatory obstacles to make energy extraction more cost-effective and accessible.
The conference, hosted by shale magnate Harold Hamm, also featured Interior Secretary Doug Burgum. Their appearance came at a time when oil prices are under pressure west Texas Intermediate crude has dropped over 10% this month and has stayed below $65 per barrel for two weeks straight, a threshold many producers need to stay profitable.
The combination of lower prices and tariff-related anxieties has stirred concern within the oil industry. Both Halliburton and Baker Hughes have cited tariffs as factors impacting their financial performance. Meanwhile, Matador Resources has scaled back its drilling operations, and a Federal Reserve Bank of Dallas survey revealed widespread dissatisfaction among energy executives regarding current policies.
Despite this, the mood at the conference was largely optimistic. Devon Energy CEO Clay Gaspar said his company is still comfortable with the current market landscape, noting that crude prices are hovering near their planning baseline of $65 a barrel.
Hamm, a prominent supporter of President Trump, defended the administration’s trade approach, saying it’s part of a broader effort to strengthen the U.S. economy. “We’ve seen a lot of good progress,” he said, adding that reducing tariff uncertainty could help oil prices rise again into the mid-$70s.
Secretary Burgum also announced plans to streamline the federal permitting process for energy projects, with a goal of reducing approval times to 14 days and 28 days for those requiring full environmental reviews. “We’re going to deliver results,” he told the crowd, drawing applause.
Still, not everyone was entirely satisfied. Occidental Petroleum CEO Vicki Hollub praised the administration’s intent but highlighted the need for a more unified national energy strategy. “We need a plan to bring all the great ideas together,” she said. Nonetheless, she remained optimistic that the current leadership team has the potential to shape a coherent energy direction for the country.
