President Trump’s latest energy policies have oil and gas companies feeling optimistic, but don’t expect a sudden surge in drilling. While the industry is thrilled with his executive orders, which favor fossil fuels and challenge renewable energy, most executives say they’re not planning to boost production unless oil prices climb significantly.

Trump’s approach aims to ease regulations on fuel extraction, transportation, and exports while making it tougher for competitors like wind energy and electric vehicles. However, industry leaders argue that these changes alone aren’t enough to spark a drilling frenzy.

“There’s a lot of positivity,” said one oil executive, “but it’s too early to see a real shift in activity levels.” For companies to ramp up production, oil and natural gas prices would need to rise—something that contradicts Trump’s goal of keeping energy costs low to fight inflation.

The U.S. is already producing oil at near-record levels, and companies are hesitant to spend more unless they’re sure they’ll profit from the extra output. Adding to the challenge, the industry is now more focused on controlling costs than expanding rapidly, a shift from the days when investors were eager to fund aggressive growth.

So, while Trump’s policies are a win for fossil fuels, the “drill, baby, drill” mindset isn’t making a comeback—at least not yet. The industry’s cautious approach suggests that market forces, not just policy changes, will dictate the future of U.S. energy production.