Why oil companies may not love Trump’s ‘drill, baby, drill’ agenda

President Trump is urging oil producers to "drill, baby, drill." U.S. oil and gas investors may not be on board with the plan. The U.S. is already producing more crude oil than any other nation in history. In December 2024, U.S. oil and gas firms produced more than 13.49 million barrels of crude per day. That's an all-time high rate of production, according to U.S. Energy Information Administration records. High rates of production tend to lower prices, which benefits consumers. But if prices drop too far, affecting producers' profits, they may stop drilling.