Finansavisen: US Oil Bosses Warn Trump – What It Could Mean for Kiwi Wallets
It's not every day that the most powerful independent oil companies in the US come out and warn a sitting president. But that's exactly what's happening now. Several of them have sent clear, confidential signals to the White House that Donald Trump's policies could do more harm than good for the industry. The message: Trump's threats of tariffs and an unpredictable energy agenda are creating uncertainty that makes investors hesitate. New exploration projects are being put on ice, and decisions are being delayed.
– This is not energy dominance
Sources close to the industry confirm that frustration is growing. The promise of 'energy dominance' seems more distant than ever. For us in Norway, this means more than just a distant political spat. When the US giants slow down, it has global ripple effects. And when the oil market gets rattled, we quickly feel it in petrol prices back home.
In recent days, we've seen a drop in prices at the pump – a development several analysts link directly to the uncertainty coming out of Washington. Lower prices are good news for consumers, but the underlying picture is more complex.
Three reasons why Trump is affecting your petrol price
- Trump's tariff threats against Canada and Mexico could lead to oil being redirected to Europe, increasing supply there and pushing prices down.
- Increased uncertainty leads major oil producers to adjust production, often in a way that temporarily benefits consumers.
- Weaker demand from China, combined with political pressure from the US, is creating a price drop that Norwegians are benefiting from.
The paradox, then, is that the oil bosses are warning against the very policies that are currently giving you cheaper petrol.
Pressure for an exit plan
At the same time, we're hearing from several quarters that strong pressure is building on Trump to present a credible exit plan from his own energy policy. He has promised the moon, but now reality seems to be catching up with him. Investment appetite is drying up, and the industry is demanding predictability. The dilemma is classic: Should they prioritise low prices to appease voters, or high prices to satisfy investors? So far, neither is working.
While politicians in Washington squabble, we here in Norway have an oil fund that swings in step with every single Trump announcement. The coming weeks will be crucial. Follow Finansavisen to catch every twist – whether you're an oil investor or just wondering whether to fill up the tank today or tomorrow.