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Trump Promised to ‘Drill, Baby, Drill.’ The New Rigs Are Nowhere to Be Found

Trump Promised to ‘Drill, Baby, Drill.’ The New Rigs Are Nowhere to Be Found
Source: wired
Author: @wired
Published: 8/2/2025

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The article examines the gap between former President Donald Trump’s campaign promise to “drill, baby, drill” and the current realities of U.S. oil and gas production under his administration. Despite efforts to roll back regulations, open more public lands for drilling at reduced royalty rates, and cut incentives for renewable energy, the increase in oil output has been modest and slower than under the previous Biden administration. Gasoline prices have remained relatively stable, and crude oil exports have actually declined compared to the previous year. The article highlights that energy markets are largely driven by global supply and demand dynamics rather than domestic policy alone. A key indicator of drilling activity, the weekly rig count published by Baker Hughes, shows a decline from 580 rigs at the start of Trump’s term to 542 recently, near a four-year low. This stagnation is largely attributed to crude oil prices hovering near the break-even point for new drilling (around $60 per barrel), combined with increased costs due to tariffs on steel and other

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energyoil-drillingfossil-fuelsoil-pricesenergy-policyoil-rigscrude-oil