Explainer

Why ‘Drill, Baby, Drill’ Is Not as Easy as It Seems

Increases in production directly lower prices if demand isn’t growing at the same pace, and falling oil prices threaten oil companies’ ability to turn even a modest profit.Source: Bloomberg

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By David Wethe

March 31, 2025 at 5:43 PM UTC

This article is for subscribers only.

President Donald Trump promised on the campaign trail to lower energy costs for consumers by increasing US oil and gas production. He’s continued with that refrain in office.

“As you’ve heard me say many times, we have more liquid gold under our feet than any nation on Earth,” he said during his address to a joint session of Congress on March 4. “I’ve fully authorized the most talented team ever assembled to go and get it. It’s called drill, baby, drill.”