All posts tagged: EOG Resources Inc

Trump can’t ‘drill, baby, drill’ his way out of this Iran oil crisis

Trump can’t ‘drill, baby, drill’ his way out of this Iran oil crisis

President Donald Trump promised to “drill, baby, drill” on the presidential campaign trail. It’s not going to bail him out of this oil crisis spurred by the war he started in Iran, lawmakers and analysts say. Trump and Republicans last year aggressively ramped up policies favorable to fossil fuels after romping to an electoral victory in 2024 on a promise to lower the cost of living, including by quelling gas prices. Their signature domestic policy bill, known as the “one big beautiful” tax and spending measure, opened up swaths of new land to oil and gas leasing. The administration has moved to slash regulations that the fossil fuel industry views as hurdles. And it has pursued an aggressive leasing schedule to get more rigs operating on federal lands and waters. Now, Trump is confronted with a crisis there’s little chance of drilling his way out of. The war in Iran has whipsawed oil markets as the Strait of Hormuz has remained largely impassible. The strait carries about 20% of the world’s oil supply. And the …

Top permitting-reform senators meeting as talks thaw: API chief

Top permitting-reform senators meeting as talks thaw: API chief

U.S. Sen. Shelley Moore Capito (R-WV) speaks to the media following the weekly policy luncheons at the U.S. Capitol on June 21, 2023 in Washington, DC. Kevin Dietsch | Getty Images Senate Environment and Public Works Committee Chair Shelley Moore Capito and ranking Democrat Sheldon Whitehouse are meeting to discuss reforming the federal energy permitting process, American Petroleum Institute president Mike Sommers told CNBC. “We have both the Republican in the United States Senate … Shelley Moore Capito, and the Democrat Sheldon Whitehouse, who [are] responsible for permitting reform, finally meeting again to discuss how we get this done this year,” Sommers told CNBC. A person familiar with the negotiations, granted anonymity to discuss the details, said they “will be talking frequently this week about permitting since negotiations are back on,” but was unaware of any designated meeting time. The person noted committee staff are negotiating regularly. Capito, R-W.V., and Whitehouse, D-R.I., talking regularly comes after Democrats publicly announced a thaw in permitting talks. Democrats walked away from talks last year after the Trump administration ordered …

Emmer predicts oil prices will drop after Iran war

Emmer predicts oil prices will drop after Iran war

House Majority Whip Tom Emmer urged calm on Monday as oil prices surged amid fallout from the Iran war, calling the conflict a “short-term experience” during an appearance on CNBC’s “Squawk Box.” “Yes, there are going to be some temporary effects on our domestic economy, but as soon as this is taken care of, those prices will tumble and people will recognize that this was a short-term cost to pay for a major long-term gain in terms of peace and security,” the Minnesota Republican said. Read more CNBC politics coverage Countries in the Middle East have cut oil production due to the U.S.-Israel war on Iran. On Monday morning, West Texas Intermediate crude futures were over $100 per barrel for the first time since Russia’s invasion of Ukraine in 2022. President Donald Trump also predicted in a Truth Social post on Sunday that the rise in oil prices would be temporary. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to …