US President Donald Trump urged his administration yesterday to boost drilling rates and for market players to keep oil prices down amid fears that the aftermath of the US attacks on Iran’s nuclear facilities could cause energy prices to spike.
Trump addressed the US Department of Energy in a post on his Truth Social platform encouraging it to “drill, baby, drill” and saying, “I mean now,” despite no major oil disruptions after the bombings.
In another post on the platform, Trump said in all caps: “Everyone, keep oil prices down, I’m watching! You’re playing into the hands of the enemy, don’t do it.”
US Energy Secretary Chris Wright responded, “We’re on it!” to the drilling message, in a post on X.
It was not immediately clear what the energy department could do to boost drilling in the world’s top oil and gas producer, where drilling decisions are made by private companies. Output already hit record highs during the previous administration of President Joe Biden.
The DOE did not immediately respond to a question on Wright’s comment.
The US could tap the Strategic Petroleum Reserve, the world’s largest emergency crude oil stash, in the case of severe interruptions. Wright also has the power to conduct test sales or exchanges of the reserve, limited to 5 million barrels, from the reserve, which currently holds about 403 million barrels.
But the Trump administration has criticised Biden’s use of the SPR after Russia invaded Ukraine in 2022.
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