Donald Trump’s call for a new oil boom will be thwarted by Wall Street’s reluctance to approve another drilling binge, shale bosses have warned.
Total US oil output in Trump’s second term will rise by less than 1.3mn barrels a day, said Rystad Energy and Wood Mackenzie, well below the 1.9mn b/d rise achieved under Joe Biden and much less than in the shale bonanza years in the previous decade.
Executives said investor pressure on companies and the economic realities of a sector always beholden to oil prices would be obstacles to Trump’s quest to launch an era of “American energy dominance”.
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