Trump's oil production push lowers prices, says Wright

Energy Secretary Chris Wright stated that President Donald Trump's efforts to increase oil and gas production in the U.S. are causing prices to drop. He made these comments during an interview on CNBC's "Squawk Box" on Thursday. Wright explained that the market is reacting positively to Trump's plans, which aim to make producing oil and gas easier. This increased supply is leading to lower prices for crude oil, gasoline, and home heating fuels. Since Trump took office in January, U.S. crude oil futures have fallen by nearly 14%. Trump's administration has committed to expanding leases on federal lands and speeding up the permitting process. However, concerns over tariffs and OPEC's policies have created some uncertainty in the oil market. Recently, prices even dipped as low as $65.22 per barrel due to Trump's tariffs on Canada and Mexico. Industry leaders, such as Chevron's CEO Mike Wirth, have indicated that U.S. oil production may start to level off after strong growth in previous years. They emphasize the importance of financial discipline over simply increasing production. Additionally, OPEC+ plans to gradually increase its production, potentially adding 2.2 million barrels per day, which could affect market balance. Following recent escalations in conflicts involving Iran, U.S. crude oil prices have recently seen a slight increase, reaching $67.11 per barrel on Thursday morning.