Oil executives urge Trump for faster project permits

Oil executives met with President Donald Trump recently to discuss the need for faster permits for new oil and gas projects. They did not focus on oil prices, which Trump wants to lower. This is not aligned with what the industry seeks. Interior Secretary Doug Burgum and Energy Secretary Chris Wright spoke to the media after the meeting but provided few details. Burgum noted that oil prices are determined by supply and demand, and nothing from the meeting would change that. The main topic was the permitting process. Burgum highlighted that it often takes longer to secure permits than to actually build the infrastructure. He said oil executives expressed frustration over regulations that they feel aim to hinder their industry. The Biden administration has added many regulations that can slow down operations, but companies have still managed to increase production. However, the focus of the oil industry has shifted to fiscal discipline and shareholder satisfaction, which conflicts with Trump's goal of cheaper energy.