https://www.wsj.com/business/energy-oil/trump-oil-drilling-saudi-arabia-71c095ff
Sources told The Wall Street Journal that White House advisers recognize this and don't expect the US shale industry to increase output. Corporate leaders have hinted as much in recent earnings commentary, cautioning not to expect a major drilling ramp-up.
"As crude prices come down, we expect the industry revenues to go down and profits to go down," ExxonMobile CEO Darren Woods said last week. While Trump wants to vastly expand drilling, industry giants are more concerned about navigating a mounting supply glut in the global market, which has pressured prices down worldwide.
According to the Kansas City Federal Reserve, WTI oil prices would need to average $84 per barrel for domestic firms to significantly boost drilling. That's about 15% above current prices.
