Some from the sector have compared the current price situation to the 2020 lockdowns that decimated oil prices and caused a lot of bankruptcies and fears of a repeat will probably linger for a while. As a self-professed supporter of the energy industry, Trump is unlikely to insist that shale producers keep drilling when there is no business case for it, and there is no way to pressure them into drilling while oil is cheap. According to oilfield services major Baker Hughes, the spending decline and drilling slowdown could extend into the second half of the year—unless the tariff situation is resolved by June.
Author: Irina Slav
Published at: 2025-04-28 22:00:00
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