Trump to host top US oil chief executives as trade wars loom
On March 19, 2025, U.S. President Donald Trump is set to host a significant meeting with top oil executives at the White House. This gathering marks his first direct engagement with oil and gas industry leaders since beginning his second term in January 2025. The closed-door event is expected to include key figures from the American Petroleum Institute’s (API) executive committee, such as ExxonMobil CEO Darren Woods, Chevron CEO Mike Wirth, ConocoPhillips CEO Ryan Lance, Phillips 66 CEO Mark Lashier, and Marathon Petroleum CEO Maryann Mannen.
The meeting comes at a critical juncture as the U.S. navigates falling crude oil prices and the escalating trade wars initiated by Trump’s administration. Trump has vowed to bolster domestic energy production, aiming to increase U.S. oil output by as much as 3 million barrels per day while reducing energy costs for consumers. This ambition aligns with his campaign promises to roll back environmental regulations and expedite permitting processes, a stance that has historically garnered support from the oil industry.
However, the agenda is not solely celebratory. While the meeting will partly serve as a “victory lap” for Trump’s pro-industry policies, oil executives are anticipated to voice concerns about his aggressive trade strategies. Trump’s recent imposition of tariffs—25% on most imports from Mexico and Canada, with a 10% rate on Canadian energy products and a full 25% on Mexican energy—has stirred unease. These tariffs threaten the integrated North American energy market, as Canada and Mexico are the U.S.’s top sources of imported crude oil. The API, led by CEO Mike Sommers, has publicly opposed these measures, arguing that free trade across borders is essential for affordable and reliable energy.
Additionally, industry leaders are likely to press Trump on the need for higher oil prices to sustain and expand production, a point underscored by energy economist Ed Hirs, who noted that simply pushing for more drilling (“drill-baby-drill”) may not suffice without price support. Analysts from Wood Mackenzie project Brent oil prices averaging $73 per barrel in 2025, a $7 drop from 2024, complicating Trump’s production goals amid global market dynamics and his trade policies.
This meeting reflects a delicate balance: Trump’s desire to champion U.S. energy dominance and the oil industry’s need for stability in a landscape increasingly disrupted by his trade wars. The outcomes could shape both domestic energy policy and international trade relations in the months ahead.
