A North American energy slowdown, especially for onshore U.S. crude oil, is well underway and threatens to worsen both domestically and worldwide amid weaker commodity prices, recession fears, and President Trump’s tariff uncertainty, energy executives and analysts said.
Record-high U.S. oil production already is trending down, and the economic morass is contributing to activity cutbacks, layoffs, and an end to the industry’s resurgence since the pandemic. More budget reductions and downward revisions to guidance are anticipated.
