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.

President Donald Trump centered his 2024 election campaign on bringing down prices after a prolonged period of inflation. In particular, Trump called for greater domestic drilling, even as the Biden Administration accelerated domestic energy independence.

Tariffs, tax credits and deregulation are among the industry’s top priorities. Oil and gas executives met with President Trump at the White House on Wednesday, seeking to influence him on issues ranging from deregulation to tariffs.