Donald Trump, the President of the United States, said in a recent statement that increasing oil output in the U.S. might “automatically stop the war with Russia and Ukraine.” At the American Cornerstone Institute’s Founders Dinner at Mount Vernon, Trump repeated his long-standing catchphrase “Drill, baby, drill,” saying that decreasing global oil prices will force an end to the war.
Trump said he was unhappy with Russian President Vladimir Putin because “he’s killing many people” and more Russian soldiers are dying than Ukrainian forces. He added that Putin “let me down” by not ending the war.
Recent reports, on the other hand, say that the president’s campaign for additional fossil fuel extraction in the US is not going to happen. Baker Hughes, an energy technology company, told Newsweek that the number of rigs in the U.S. has dropped to its lowest level in almost four years. A Bloomberg report that cites the U.S. Energy Information Administration (EIA) says that American crude production would drop for the first time since 2021 in 2026. This is a setback for Trump’s aspirations of making the U.S. the world’s energy leader.
The U.S. is still the biggest producer of crude oil in the world, with a record 12.9 million barrels per day (bpd) in 2023. However, the EIA predicts that output will drop slightly in 2026.