$60 Oil Undercuts Trump’s ‘Drill, Baby, Drill’ Agenda

“Drill, baby, drill” is not the central theme in the U.S. shale patch despite President Donald Trump’s best efforts to back the American oil and gas industry with eased permitting and reversal of climate and export-restricting policies. Most U.S. oil and gas producers are boosting production through consolidation and efficiency gains, instead of drilling additional wells. Many rely on drilled but uncompleted wells (DUCs) to raise output as the U.S. benchmark oil price has dipped by about 15% since President Trump’s…