Amidst concerns of tariffs and a slowing economy, President Donald Trump and industrialists lobbied to slash Biden-era regulations which focused on transitioning to renewable energy in a private meeting on Wednesday at the White House.

The discussion focused on the regulation of Trump’s “drill, baby, drill” agenda which aims to make America energy independent and increase fossil fuel production. Oil prices were not a major topic.

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Doug Burgum, the interior secretary said 15 to 20 executives attended the meeting at the White House. The meeting was attended by Chevron CEO Mike Wirth, ConocoPhillips CEO Ryan Lance, Marathon Petroleum CEO Maryann Mannen, and Phillips 66 CEO Mark Lashier. The committee included up to 15 members, according to American Petroleum Institute (API) tax filings.

Here are some key takeaways from the meeting:

Economic worries

Despite the “drill, baby, drill” agenda, U.S. crude oil prices have pulled back about 13% since Trump took office, as his tariffs have raised fears of a recession that could crimp demand. The Organization of the Petroleum Exporting Countries’ (OPEC+) decision to increase production starting in April has also weighed on prices. OPEC+ is a coalition of 12 countries with substantial net oil export, formed in 2016 to regulate global oil supply and influence prices.

Name change of Gulf of Mexico

The executives all referred to the Gulf of Mexico as the “Gulf of America,” following Trump’s executive order to rename the body of water. The Associated Press, however, refused to change its stylebook while Apple and Google Maps followed suit.

The president issued an order on his first day in the office to repeal Biden’s ban on offshore drilling in 625 million acres of U.S. coastal waters. An attendee at the Wednesday meeting said “The new administration is opening the Gulf. It has been slowed down after the Macondo drama,” referring to the deepwater horizon oil spill.

According to Trump: “As the largest gulf in the world, the United States coastline along this remarkable body of water spans over 1,700 miles and contains nearly 160 million acres.  Its natural resources and wildlife remain central to America’s economy today.  The bountiful geology of this basin has made it one of the most prodigious oil and gas regions in the world, providing roughly 14% of our Nation’s crude-oil production.”

Will the move help pay debt?

The American Petroleum Institute (API) wants the Trump administration to increase leases for oil and gas drilling on federal lands and waters, make pipeline permitting easier and expedite approvals for new liquified natural gas (LNG) exports, according to a roadmap released by the lobby group.

This is expected to help the U.S. pay down its national debt and balance the budget. The value of the nation’s abundant natural resources far outweighs its $36 trillion in debt. If financial markets understood the value of America’s natural resources, the 10-year long-term interest rate would come down, Burgum claimed.

The geopolitical angle

Mike Sommers, chief executive at API, warned that failing to invest in domestic fossil fuel production could cause the U.S. to lose the AI race with China as multiple forms of energy are necessary to keep up the pace and power AI data centers.

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A boon for industrialists

After the meeting, the Energy Department approved an export authorization for the fifth major LNG export venture since Trump returned to the White House, the Department of Energy said in a news release.

API has also publicly released a five-point energy plan for Trump and Congress to follow that includes permit reform, boosting offshore oil leasing, protecting tax credits for carbon capture and hydrogen production and rolling back subsidies for electric vehicles