London-based oil company BP announced a shift in its strategy for the years ahead. The Wall Street Journal reported on Tuesday, April 29, that BP plans to increase oil and gas production in the U.S. by more than 50% by 2030.
The increase in production marks a change from BP’s recent push for renewable energy. The WSJ report indicated that BP will reduce spending on green technology. The company also announced the departure of a senior executive responsible for overseeing green energy investment at BP, and it will not replace the position.
Why the shift away from green energy?
CEO Murray Auchincloss confirmed BP will boost oil and gas production in the U.S. from 650,000 barrels a day to more than 1 million by the end of the decade. Auchincloss told the Journal that the shift directly relates to President Donald Trump’s philosophy of “drill, baby, drill.”
“We’re pretty tightly aligned with the president,” Auchincloss said to the WSJ.
BP’s plan is to boost production “both in oil and gas onshore and oil and gas in the Gulf of America,” Auchincloss added.
Trump tariffs affect oil prices
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Oil prices went down from about $80 a barrel in late January to less than $65 as of late April.
However, the Trump administration’s tariff policies have left the industry in a holding pattern as the price of oil dipped below $65 a barrel, according to CNBC. That is down more than 20% since Trump took office in January. The Wall Street Journal noted BP reported a drop in first-quarter profits from $2.72 billion in 2024 to $1.38 billion in 2025.
In addition, the Commerce Department reported on Wednesday, April 30, that the U.S.’ gross domestic product fell by 0.3% in the first quarter, furthering some people’s fears that the country might be headed toward a recession.
CNBC reported U.S. Energy Secretary Chris Wright told oil and gas executives at a conference in Oklahoma City last week that there’s “a lot of anxiety and uncertainty in the industry.
“That’ll be gone in a few weeks,” Wright added. “Maybe a few months, but I think in a few weeks we’ll get some clarity on that. “
As for the tariffs, trade and how these policies will affect companies like BP, CNBC reported that Wright said American reindustrialization due to the Trump administration’s trade policies will boost demand.
