Drill, Baby, Drill’ Hits Wall of Capital Restraint

The U.S. oil and gas industry finally got what it has wanted since 2020—an American president supportive of the sector and promising to fix the regulatory burdens that have piled up over the past four years. Although President-elect Trump is chanting “drill, baby, drill,” the priorities of the U.S. oil industry have drastically changed since Trump’s first term. Trump will encounter a very different mindset of shale industry executives in 2025 compared to the late 2010s when he was last president. The U.S. shale patch is…