The Dallas Fed's latest energy survey revealed deep skepticism among executives toward President Donald Trump's tariffs and oil-production agenda. In anonymous comments, respondents decried the uncertainty and higher costs of tariffs while predicting that trying to lower crude prices to $50 a barrel would reduce production instead of expand it.

Oil executives are warning that President Donald Trump’s tariffs and his “drill, baby, drill” message have created uncertainty in energy markets that is already affecting investment.

Since being sworn in, President Donald Trump has made fossil fuels a central component of his energy agenda. The administration has taken steps to expedite oil production on federal lands, reverse regulations imposed by the Biden administration, and slow down renewable energy projects.