Trump's Terms Oil companies expected a big business boom under Trump. Now they're worried
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Apr 24, 2025 Executives in the oil and gas sector initially rejoiced at the prospect of easier extraction with the new administration. However, their optimism has taken a hit due to looming recession fears. The economic struggles in the San Juan Basin reveal how rising costs and market uncertainties are squeezing smaller operators. Yet, amidst the challenges, local workers remain hopeful for a revival, fueled by potential demand for natural gas.
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Dugan Faces Trade War Costs
- Sean Dugan, a young third-generation oil producer, struggles with rising costs from Trump's trade war.
- Tariff increases on Asian market imports have doubled his pipeline pipe costs, causing significant uncertainty.
Low Prices Undermine Drilling Push
- Lower oil prices under Trump offset regulatory rollbacks, discouraging new drilling.
- Despite the "drill baby drill" push, weak oil prices make new wells economically unviable.
Coal Decline Hits Farmington Hard
- Farmington's coal plants close amid Trump's attempts to revive the industry.
- Locals see harsh landscape changes and struggle to transition to other industries with lower-paying jobs.