US Mining and Energy Extraction Sector NAICS 21

Aug 14, 2025 - Trump Acts to Boost US Rare Earth Production

• Mining Technology reported in August that the Trump administration has reportedly announced plans to implement a price support strategy for US rare earth minerals projects, to boost domestic production and curb China's market dominance. China, the leading producer of rare earths, halted exports earlier this year, highlighting the vulnerability of US supply chains. The administration’s approach seeks to rapidly enhance domestic output of rare earth minerals through various means including mining and recycling. The administration's plan also encourages companies to take advantage of federal financial support including incentives from the recent tax and spending bill. The floor price extends to rare earth company MP Materials as part of a Defense Department investment in a broader strategy to encourage US output. Nevada-based MP Materials owns the Mountain Pass mine, the only operating rare earth mine and processing facility in the nation.
• According to the latest quarterly Dallas Fed Energy Survey, more than a quarter (27%) of oil-and-gas companies active in Texas and adjacent territories plan to cut back on capital spending in 2026 compared to nearly 40% who continue to expect spending on capex to rise next year. The survey of business leaders at exploration and development companies and oilfield services firms found the drop to be concentrated among large producers, with 75% saying they now expect to drill fewer wells this year than planned to at the start of 2025. By contrast, only 34% of leaders from smaller companies said they’ve scaled back their plans. The share of business leaders surveyed in the second-quarter who said they expect to trim capex in the next year was the highest since late 2023. Leaders disagree with the Trump administration regarding a viable price per barrel for West Texas Intermediate crude oil.

• Cuts to the National Institute for Occupational Safety and Health (NIOSH) by the Department of Government Efficiency, or DOGE, threaten miners’ safety just as the Trump administration is seeking to expand mining in the US, NPR reports. The president of the United Mine Workers of America (UMWA) condemned the cuts, stating “This is not just an attack on jobs. This is an attack on the very foundation of worker safety in the United States of America.” The UMWA president said the dismantling of the Respiratory Disease Division at NIOSH eliminates the nation’s leading defense against black lung disease and other respiratory illnesses that afflict miners. In March, President Trump signed an executive order fast tracking permitting and expanding mining in the US. The cuts at NIOSH followed soon after. More mining means more miners to protect. However, miners' protections are being stripped away, says the UMWA.
• The producer price Index for all mining industries, which measures prices producers receive for their products, fell 5.1% in June compared to a year ago, after rising 9.4% in the previous June-versus-June annual comparison, according to the latest data from the US Bureau of Labor Statistics. Employment by mining, quarrying, and oil and gas extraction firms was flat year over year in June and is down 24% over the past decade, BLS data show. Meanwhile, the average industry wage rose 3.8% YoY in May to $38.17 per hour, down $0.20 from its record high in February.