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Texas Oil Executives Are Frustrated at Trump for Crushing Crude Prices

Bloomberg.com · last updated

The angry mutterings at the Permian Basin Petroleum Association’s “Spring Swing” golf tournament this week weren’t all about missed putts or lost balls. The Texas oilmen on the fairways had a more serious concern: The president they helped elect was tanking oil prices.

The market rout sparked by President Donald Trump’s trade war is touching almost every part of the economy. But there are probably few industries feeling more aggrieved right now than US shale oil. Over the last 15 years, it has made America the world’s top crude producer, lowered energy costs and fueled a boom in petrochemicals and natural gas exports. It also contributed heavily to Trump’s election campaign.

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