Mining and Oil & Gas Machinery Manufacturers NAICS 333131, 333132

Oct 23, 2025 - US Oil Drops Below $60 Threshold

• On October 10, the price per barrel of West Texas Intermediate (WTI) crude oil tumbled below the critical $60 mark for the first time since May, with Brent crude oil following suit, closing down 3.82%, OilPrice.com reports. The collapse in the price of oil was the result of a one-two punch: the Israel-Gaza cease fire’s easing of geopolitical risk; and escalating trade tensions between the US and China following new tariff threats on Chinese imports by President Trump that sparked fears a global trade war would severely curtail world economic growth and, consequently, crush oil demand. Oil rallied later in October after the US imposed sanctions on Russian oil producers. According to OilPrice.com, the oil and gas industry's shift towards capital discipline and profitability over growth means oil prices must stay above $70 per barrel for meaningful activity to continue.
• The Trump administration plans to open 13 million acres in Alaska to new mining and drilling, overturning Biden-era protections it says prioritized "obstruction over production." It’s the administration’s latest move to fast track US energy production as outlined in Trump’s expansive January executive order aimed at boosting oil and gas drilling, mining, and logging in Alaska. “Alaska, which happens to host 49 out of the 50 US critical minerals and some of the nation's richest deposits of copper and gold, stands to benefit from Trump's push for increased domestic minerals production and … unleashing Alaska's extraordinary resource potential,” according to North of 60 Mining News. To maximize the state’s mining potential the administration aims to reverse Biden-era actions that delayed development of a 211-mile road to the Amber Mining District, a region of Northwest Alaska rich in copper, zinc, gold, silver, cobalt, and other critical minerals.

• The Trump administration in April issued an executive order to accelerate deep-sea mining in international waters. The EO affirms the US’s right to extract critical minerals from the ocean floor, enabling companies to bypass the International Seabed Authority and seek permits directly from the National Oceanic and Atmospheric Administration. The order expedites the process for reviewing and issuing seabed mineral exploration licenses and commercial recovery permits in areas beyond national jurisdiction under the Deep Seabed Hard Mineral Resources Act. It marks Trump’s latest attempt to capture international deposits of nickel, copper, and other critical minerals following recent efforts to tap resources in Greenland and Ukraine. Remotely-controlled giant robots could be used to extract polymetallic nodules from the seafloor.
• Producer prices for mining and oil and gas machinery manufacturers rose 1.4% in August compared to a year ago, after rising 5.2% in the previous August-versus-August annual comparison, according to the latest US Bureau of Labor Statistics data. Industry producer prices are at record-high levels, having risen steeply and steadily over the past four years. Among the reasons heavy equipment is getting so expensive is all the technology built into new machines. Employment by the industry shrank 0.5% year over year in July and remains well below pre-pandemic levels, while average industry wages at agricultural, construction, and mining machinery manufacturers fell 6.4% over the same period to $29.50 per hour, BLS data show.