(Petrotimes) –During the visit to Oklahoma – a major center of the US Petroleum Industry – Minister of Energy Chris Wright voiced reassuring the Petroleum Group in the context of President Donald Trump’s trade war caused many fluctuations in the market.

Speaking at the Energy Conference in the city of Oklahoma, Mr. Wright affirmed to Bloomberg TV: “The current tariff instability is only temporary. The government is making every effort to support and encourage energy exploitation.”

Wright, who led one of the world’s largest hydraulic drilling companies, said most of the current disturbance was because the US was re -negotiating trade agreements to gain better benefits. He predicted that this situation would not last too long, maybe “a few weeks”.

In terms of exploitation, he said the Trump administration is focusing on removing administrative barriers, in order to reduce costs and create more favorable conditions for oil and gas exploitation.

Wright and Interior Minister Doug Burgum attended the event organized by the Harold Hamm shale oil, which took place while the world oil price has just spent a monthly monthly month – a decrease of more than 10% due to the influence of trade conflicts, and the OPEC prediction will increase production by the end of this year. For 14 consecutive days, WTI oil prices hold below USD 65/barrel – the level that many companies need to ensure breakeven when exploiting new wells.

Oil price plunged and trade tensions made many businesses in the industry worried and threatened the policy to promote fossil fuel production – one of President Trump’s top priorities.

The two giants in the oil and gas service industry, Halliburton and Baker Hughes warned that new tax rates are reducing profits. Meanwhile, Matador Resources – a shale oil exploitation company in Texas – has just announced it will suspend operations 1 of 9 rigs. Earlier, according to an anonymous survey of the Dallas Federal Reserve Bank, many oil and gas business leaders also expressed dissatisfaction with Mr. Trump’s policy.

However, the atmosphere at the Conference on Thursday in Oklahoma City – a place to discuss the application of artificial intelligence (AI) in the energy industry – is still quite optimistic. Mr. Clay Gaspar, CEO of Devon Energy, shared with Bloomberg TV: “We still feel quite good with the current situation.” He said that although the price of oil on Friday morning has a decrease of 1.5% to US $ 61.86/barrel, but still around US $ 65 – the level that the company is used to plan the operation of the exploitation cycle.

Billionaire Harold Hamm – co -founder of Continental Resources and is also one of the biggest supporters of President Donald Trump in the oil and gas industry – said that Mr. Trump needs to be free and flexible to negotiate trade agreements that are beneficial for the United States.

“We are seeing many positive signals. It is important not to let the negative elements discourage us. We have achieved many obvious results, and I believe Mr. Trump will have a new approach,” Hamm shared in an interview with Bloomberg TV. He also expressed optimism that if the tariff situation was resolved, oil prices could recover to about 70 USD/barrel.

At the same event, the Interior Minister Doug Burgum pledged to shorten the time to handle projects under the ministry’s jurisdiction. Specifically, with simple projects, the licensing time will be withdrawn to only 14 days. Projects that require adequate environmental impact assessment will be completed within 28 days.

“Maybe you will think: How can we do that quickly? But we will do it. Please apply, and we are committed to handling it on time,” Mr. Burgum said.

Meanwhile, there are some constructive opinions. Vicki Hollub – General Director of Occidental Petroleum – appreciated the Trump administration’s efforts in promoting the goal of energy independence, but also frankly pointed out the weakness of a comprehensive strategy.

“At present, we do not have a clear orientation of energy. There are many good ideas, many people are willing to start to do, but what we really need is an overall plan to connect everything together,” she said.

However, Ms. Hollub still believed in the capacity of the current team: “I think Mr. Trump has chosen the right person to the right position to build a national energy strategy.”