President-elect Donald Trump’s pledge to “drill, baby, drill” has American energy companies anticipating his return to office, according to a recent survey.
Trump has repeatedly promised to prioritize American oil and make “energy dominance” a central focus of his administration. In an anonymous survey conducted by the Dallas Federal Reserve, many energy executives expressed optimism about Trump’s potential return, citing expected “positive regulatory changes.”
The survey revealed a significant drop in its “outlook uncertainty index.” One respondent explained, “The outcome of the 2024 presidential election removes the risk of the unknown.”
“There is more optimism looking at first quarter 2025 than first quarter 2024,” one executive noted. “Much of 2024 felt like a waiting game … The election results will be good for activity, even if it’s just because operators and service companies have a clear direction for planning.”
Another respondent shared similar sentiments: “We are encouraged that the new administration in Washington, D.C., will enact some positive regulatory changes for offshore drilling in the U.S.”
Under President Joe Biden, domestic energy policies have taken a different direction. From his first day in office, Biden has pushed to curb greenhouse gas emissions as part of his climate agenda. The Inflation Reduction Act (IRA) of 2022, for instance, allocated substantial subsidies to green energy projects. Trump, however, has pledged to redirect unspent IRA funds, labeling the law as “the green new scam.”
Reports have recently surfaced suggesting Biden may implement a permanent ban on additional offshore drilling in some federal waters, potentially complicating Trump’s energy plans if he returns to office.
“The recent election result is changing outlooks,” said one survey respondent. “The new administration will lift regulations, stop subsidizing green energy, and seek LNG build-outs to increase demand for natural gas.”
On the campaign trail, Trump reiterated his commitment to boosting domestic oil and gas production, repeatedly using his signature phrase, “drill, baby, drill.” He has also announced significant personnel nominations to advance his energy agenda. In November 2024, Trump named North Dakota Gov. Doug Burgum to lead the Department of the Interior and chair a new National Energy Council. He praised Burgum as instrumental in achieving the nation’s “path to U.S. energy dominance.”
Additionally, Liberty Energy CEO Chris Wright was nominated to lead the Department of Energy and join the new energy council. Trump described Wright as a “bold advocate who brings rational thought to the energy dialogue.”
The Dallas Federal Reserve collected the survey data from Dec. 11–19, with 134 energy firms participating.
