https://newsletter.mw.creamermedia.com
Energy|Gas|Nuclear|Oil And Gas|Petroleum|Power|Drilling
Energy|Gas|Nuclear|Oil And Gas|Petroleum|Power|Drilling
energy|gas|nuclear|oil-and-gas|petroleum|power|drilling

Trump exhorts US to drill oil, gas after Iran attacks

24th June 2025

By: Bloomberg

  

Font size: - +

US President Donald Trump urged his administration on Monday to boost drilling rates and 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 DOE 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.

Global benchmark Brent oil prices oscillated on Monday, as oil and gas transit continued on tankers from the Middle East after US air strikes against Iran. It jumped nearly 6% to a five-month high early in the session, then was down 7.3% in afternoon trading after Iran focused its retaliationon a US airbase in Qatar but did not disrupt the oil flowing the region.

Wright said during an interview on CNBC that he was not surprised that oil prices fell on Monday.

"I would not expect much movement of oil upwards from the tensions that are going on," he said. "We're in such a good position today, this American energy dominance that President Trump ran on."

If severe interruptions in oil supplies develop, such as the remote possibility that Iran restricts shipping in the Strait of Hormuz, the United States could tap the Strategic Petroleum Reserve, the world's largest emergency crude oil stash. Wright also has the power to conduct test sales or exchanges, limited to five-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.

Doug Burgum, Trump's interior secretary and head of a new National Energy Dominance Council that seeks to boost fossil fuel output, said on X that US oil and gas production "weakens the leverage of authoritarian regimes like Iran who rely on energy coercion to lead."

Edited by Bloomberg

Comments

Latest Multimedia

Photo of Martin Creamer
On-The-Air (08/08/2025)
Updated 2 hours 55 minutes ago By: Martin Creamer

Showroom

Invincible Valves
Invincible Valves

Established in 1982, Invincible Valves is a medium-sized enterprise in Germiston, serving global and local markets.

VISIT SHOWROOM 
Weir
Weir

Weir is a global leader in mining technology. We recognise that our planet’s future depends on the transition to renewable energy, and that...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 08 August 2025
Magazine round up | 08 August 2025
8th August 2025
Resources Watch
Resources Watch
6th August 2025

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.155 0.827s - 144pq - 2rq
Subscribe Now