"Oil and gas firms are reeling, and major renewables projects are getting shelved as Trump’s policies rattle energy investors and executives."
"President Donald Trump promised to unleash an energy renaissance that would lock in U.S. dominance over oil and gas. But that is not how things are working out for America’s drillers, fracking firms and equipment suppliers, including the company founded by Trump’s own energy secretary.
The market value of Liberty Energy has fallen by nearly half since its former CEO, Chris Wright, joined Trump’s Cabinet. The company reports it is among many in the industry struggling with the challenges heightened by Trump’s agenda, including “tariff impacts, geopolitical tensions, and oil supply concerns.”
Three months into the new administration, the price of U.S. oil has plunged to below the drilling profitability threshold of about $65 per barrel and the industry is ailing. At the same time, the U.S. energy economy is being further destabilized by White House attacks on clean power. It is a stark reversal from last year, when the United States was rocketing ahead on clean energy projects, pushed by government, and oil industry executives were brimming with optimism amid record production."
Evan Halper reports for the Washington Post May 10, 2025.
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