“We will drill, baby, drill,” President Donald Trump declared at his inauguration on January 20. Echoing the slogan that exemplified his energy policies during the campaign, he made his message clear: more oil and gas, lower prices, greater exports. And exports of crude oil in the four months through April trailed those in the same period last year. The most glaring factor behind this stagnant rig count is the current level of crude oil prices. The break-even level for drilling new wells is somewhere close to $60 per barrel, according to oil and gas experts.