FT News Briefing Can US oil afford to ‘drill, baby, drill’?
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Jan 27, 2025 Pressure is mounting on the EU to relax its sustainability goals amidst rising oil prices. Wall Street is pushing back against calls for a new oil boom, creating tension in the industry. Meanwhile, the U.S. faces diplomatic challenges as tariffs are imposed on Colombia. In a parallel discussion, OpenAI wrestles with its complicated path towards profitability while ensuring its mission remains aligned with public benefit, highlighted by valuation dilemmas and potential structural changes.
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EU Sustainability Agenda Under Pressure
- Critics argue that the EU's sustainability agenda's vague definitions and unclear disclosure requirements hurt European competitiveness.
- Simultaneously, Trump's deregulation efforts in the US increase pressure on the EU to loosen its restrictions.
Shale Industry Resists "Drill, Baby, Drill"
- Despite Trump's "drill, baby, drill" slogan and push for increased oil production, the shale industry isn't planning a significant boost.
- US shale oil production is already at record levels, and increasing it further is challenging and expensive in the current market.
Trump's Retaliatory Measures Against Colombia
- Trump imposed tariffs and a travel ban on Colombian officials after the country refused US military flights deporting migrants.
- This followed Petro's criticism of migrant treatment and Trump's promise of mass deportations.