Executives from America’s largest oil companies aren’t holding back in a new survey, venting their frustration over what they perceive to be chaotic policies that are upending global commodity markets.
A quarterly survey released by the Federal Reserve Bank of Dallas includes some choice words for the administration of U.S. President Donald Trump. “The administration’s chaos is a disaster for the commodity markets,” wrote one oil executive. Another comment reads, “Drill, baby, drill is nothing short of a myth and populist rallying cry.”
While the comments included in the survey are anonymous, the poll involved 130 executives in the oil and gas industry that’s spread across Texas, New Mexico, and Louisiana. The findings include the major U.S. energy companies such as ConocoPhillips (COP), Chevron (CVX) and Exxon Mobil (XOM), among many others.
Growing Frustrations
While energy executives have mostly praised President Trump in public, saying they welcome his removal of environmental restrictions on oil drilling, behind the scenes frustration is clearly growing. In the new Dallas Fed survey, many senior leaders say they have no choice but to pullback their investments amid the current chaotic environment. “We want more stability,” reads one comment.
Trump officials at the White House were quick to dismiss the survey results, saying in response that oil executives who have met with the president have been “eager to unleash American energy after four years of Biden’s radical climate agenda.”
The big issue in the latest energy survey is Trump’s tariffs, with many people noting that 25% tariffs on steel are causing costs to jump for oil producers who use a lot of the industrial metal. Tariffs on Canada were also widely criticized given how integrated the North American oil industry has become.
CVX stock has risen 16% so far in 2025.
Is CVX Stock a Buy?
The stock of Chevron, one of the leading U.S. oil majors, has a consensus Strong Buy rating among 14 Wall Street analysts. That rating is based on 11 Buy and three Hold recommendations assigned in the past three months. The average CVX price target of $176.64 implies 6.30% upside from current levels.
