Oil executives say ‘drill, baby, drill’ isn’t happening, at least not this year

Published July 3, 2025 10:40am ET



President Donald Trump has been a vocal advocate of “drill, baby, drill,” but a number of top oil executives are doubtful that they will be able to increase production in the coming months, in large part thanks to the president’s own policies. 

Throughout his campaign, Trump promised to increase domestic oil and gas production and lower crude prices to as little as $50 per barrel. Prices have dropped to the mid and low $60s, though when combined with Trump’s tariffs on steel and aluminum imports imposed earlier this year, producers have found themselves in a bind. 

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