The U.S. is a major player in the oil industry and has been the global leader in crude oil production for the past six years. The country averaged 12.9 million barrels of crude oil per day in 2023, setting a global record.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
However, President Trump wants to increase domestic oil output even more. “To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!” said Trump in a new Truth Social post.
Oil Prices Rise on Israel-Iran War
Crude oil futures have risen by nearly 20% during the past month as the price of gas across the nation becomes more expensive due to the Israel-Iran war. The Middle East is a major global supply chain hub for oil and Iran holds significant influence over the Strait of Hormuz, a key passageway for oil. A disruption to the Strait could result in increased transportation costs and delays, translating to higher oil prices.
In a separate post, Trump pressured the oil industry to keep prices down, saying, “YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY.”
Head over to TipRanks’ Stock Analysis and News feed for the latest breaking news.
