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Trump Promised to ‘Drill, Baby, Drill.’ The New Rigs Are Nowhere to Be Found
With clean energy more cost-competitive than it once was, the White House’s oil-first strategy is faltering.
Within the US, a boom in energy demand driven by rapid electrification and AI-serving data centers is boosting power costs for homes and businesses, yet fossil fuel producers are not rushing to ramp up drilling. That’s before you account for the fallout of elevated tariffs on steel and other imports for the many companies that get their pipes and drilling equipment from overseas, said Robert Rapier, editor-in-chief of Shale Magazine, who has two decades of experience as a chemical engineer. The Federal Reserve Bank of Dallas’ quarterly survey of over 130 oil and gas producers based in Texas, Louisiana, and New Mexico, conducted in June, suggests the industry’s outlook is pessimistic.
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