Why Trump’s ‘drill, baby, drill’ pledge may not actually lower US gas prices

Despite president-elect’s vow, energy companies focus on managing resources to be profitable, not pumping more oil

At the Republican national convention in July, Donald Trump pledged to cut gas prices by boosting domestic oil production. “We will drill, baby, drill,” he declared.

Despite the president-elect’s promise, oil and gas companies probably have other ideas. For the past few years, US energy producers have focused on keeping costs down to stay profitable, balancing between producing enough oil to satisfy global energy needs and paying shareholders big dividends, according to energy experts. That’s unlikely to change soon.

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Why Trump’s ‘drill, baby, drill’ pledge may not actually lower US gas prices

Topics

Related

Trump’s ‘drill, baby, drill’ pledge may be a win-win for drivers and oil producers alike

More Iran sanctions and 'drill baby, drill': Oil market's future is still uncertain under Trump

Exxon CEO on U.S. election: 'Not sure how 'drill, baby, drill' translates into policy'

China holds live-fire drills that Taiwan says may be part of ‘deterrence’

US flies long-range bomber in drill with South Korea, Japan

Biden administration to restrict drilling, renewables in the US West to help struggling bird

Trump officials likely to reverse drilling waste "methane fee" EPA is imposing

How Trump's plan to expand drilling, logging on federal land could be thwarted

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