economy
March 13, 2026
Trump Can't 'Drill, Baby, Drill' His Way Out of This Iran-Inspired Oil Crisis: Experts
Oil prices have skyrocketed in the days since President Donald Trump's war on Iran began.
TL;DR
- Increased U.S. oil production is unlikely to immediately alleviate high oil costs exacerbated by the war in Iran.
- The Strait of Hormuz, which handles approximately 20% of global oil, is largely impassable due to the threat of Iranian attacks, disrupting supply.
- Policymakers and energy experts state that domestic drilling cannot quickly make up for the significant global oil supply deficit.
- The Trump administration's policies to increase domestic oil and gas leasing and reduce regulations are unlikely to offset the immediate impact of the geopolitical crisis.
- Analysts suggest that the global oil market imbalance caused by the Middle East conflict will persist for a substantial amount of time.
- Technological advances have increased U.S. production over the past decade, but this was a gradual process, not a rapid surge.
- Even Republicans acknowledge that increased drilling will only impact prices in the long term, with the immediate priority being the reopening of the Strait of Hormuz.
- Oil futures have risen significantly, with U.S. oil futures closing over $95 and Brent crude tipping over $100.
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