US oil drilling to slow as prices slump, Venezuela growth could amplify pressure, EIA says

Lower oil prices are expected to cut U.S. drilling activity and reduce output by 1% this year from the top producing country, while potentially higher supply from Venezuela could add pressure, the Energy Information Administration said on Tuesday.

The comments from the Department of Energy's statistical arm echo concerns expressed by some U.S. oil producers about U.S. President Donald Trump's request for domestic oil companies to enter Venezuela and help raise its output after the capture of President Nicolas Maduro. Already reeling from low oil prices, U.S. shale producers have said the push for more Venezuelan oil to hit the markets will hurt them even more.

https://www.reuters.com/business/energy/us-oil-drilling-slow-prices-slump-venezuela-growth-could-amplify-pressure-eia-2026-01-13/

No one was stupid enough to believe this "drill baby drill" BS!

Oh wait! 😂

2 hours ago, Alan Zweibel said:

Lower oil prices

OOOOrah! Wonderful.

3 minutes ago, Yagoda said:

OOOOrah! Wonderful.

I think so too, actually. And Trump is trying to help it along by sticking to the oil industry in America. Way to go!

Well, if the price of oil drops, it will especially affect the balance of trade, since, if present rules continue to apply, crude will continue to enter America tariff-free.