CNN: Trump’s Fracker-in-Chief Will Have a 'Tough Time Pumping A Lot More Oil'

WASHINGTON - President-elect Donald Trump’s plan to reduce gas prices below $2 per gallon may face significant challenges, despite his pro-fracking stance and the appointment of Chris Wright, CEO of Liberty Energy, as Secretary of Energy, according to a CNN report. 

The U.S. Energy Information Administration (EIA) reports that U.S. oil production stands at a record 13.4 million barrels per day and is projected to reach 13.6 million by 2025. However, analysts say achieving significant growth beyond these levels would be difficult. Andy Lipow of Lipow Oil Associates noted that the most efficient drilling locations have already been exploited, leaving little room for production increases. Global market forces add further complications.

China’s slowing economy and reduced oil demand, along with OPEC+ production controls to prevent oversupply, could limit opportunities for expansion. Despite recent record profits, U.S. energy companies have largely prioritized stock buybacks and acquisitions over reinvesting in new drilling projects.

The risks of overproduction are also evident. If oil prices drop too low—between $55 and $65 per barrel—U.S. shale producers could struggle to break even. A similar scenario during the 2015-2016 OPEC price war forced dozens of U.S. companies into bankruptcy.

While Trump touts gas prices dropping below $2 during his first term, experts say this was largely due to the pandemic’s economic impact rather than policy-driven production increases. They also caution that oil output is influenced more by market conditions and technological efficiency than by presidential decisions.