‘Hallelujah’ For Shale: Why Warren Buffett Likes American Oil Companies

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Former President and presidential candidate Donald Trump advocates for maximizing U.S. oil production, a stance seemingly shared by billionaire investor Warren Buffett. Buffett’s Berkshire Hathaway Inc. (NYSE: BRK-A) (NYSE:BRK-B), holding a significant share in Occidental Petroleum Corporation (NYSE:OXY), aligns with this perspective.

During his time in the Oval Office, Trump lifted many of the environmental-based regulations on the U.S. oil industry in an effort to promote energy independence and reverse years of dependence on foreign petroleum imports.

In his annual letter to investors, Buffett cheered the efforts of companies producing domestic oil projects, as they raised output from less than 10 million barrels per day in the 1970s.

Also Read: Biden The Master Oil Trader Part III? President Refills Emergency Stash As Crude Price Slides

Shale Production Comes Online

“For a long time, the pessimism appeared to be correct, with production falling to 5 million b/d …

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