Behind the Money Why Big Oil is resisting Trump’s call to ‘drill, baby, drill'
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Feb 5, 2025 
Amanda Chu, a Financial Times reporter specializing in the U.S. energy sector, discusses the tensions between President Trump’s push for increased oil production and the reluctance of major oil companies. She highlights how the shale revolution reshaped the industry, revealing the conflicting priorities between profit-driven investors and political demands. The conversation also delves into the impact of low oil prices, regulatory changes, and proposed tariffs on Mexico and Canada, emphasizing the complex dynamics shaping today’s oil market.
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US Oil Dominance
- The US has become the world's top oil producer, surpassing Saudi Arabia, China, and Russia.
- This is largely due to the shale revolution and advancements in drilling technology.
Shale Revolution
- The shale revolution, starting around 2010, involved technological advancements in drilling.
- This allowed access to previously unreachable shale formations, boosting oil and gas production.
Fracking and Wall Street
- Fracking, an expensive process, enabled the extraction of shale oil across various US states.
- Wall Street's enthusiasm for this technology fueled investments, leading to significant oil discoveries.