“Drill, baby, drill” was the tagline phrase that defined Donald Trump’s 2024 presidential campaign, promising to cut inflation and reduce America’s dependence on Middle Eastern oil by increasing oil drilling and production. Although the phrase rose to fame during the fall of 2024, chanted by Trump at numerous rallies and other political events, the term was actually coined by Republican Michael Steele, a vocal critic of Trump-era policies. Steele used the term to rally Americans through the 2008 Economic Crisis and high Middle Eastern oil prices, with the goal of separating the American economy from conflict in and with the Middle East.
In its beginnings, “drill, baby, drill” was motivated by American nationalism rather than financial gain. However, in Trump’s 2024 campaign, the phrase turned a massive profit, with big oil companies donating a record $14.1 million to the Republican party. Additionally, wealthy figures with ties to the oil industry, like Timothy Mellon, a descendant of Gulf Oil founder Andrew Mellon, donated hundreds of millions, bringing the total donations of oil-related figures and companies just shy of Elon Musk’s sky-high contributions. These companies backed Trump substantially, lured by the promise of unrestricted drilling and energy development. However, many top oil officials from Exxon, BP, and others have recently stated that it is “unlikely” that big oil goes into “drill, baby, drill” mode anytime soon.
Currently, the United States is the largest producer of oil and natural gas, extracting over 13 million barrels per day, and this figure is rising. In 2018, the United States extracted almost 11 million barrels per day, with that year being the first time the US topped Saudi Arabia and Russia in terms of production. In 2019, that number was up to 12.3 million barrels per day, extending America’s lead over the previous two largest oil-producing nations. Today, big oil continues to grow in the United States, as in the 2024 fiscal year, oil companies saw a growth average of 5%. As big oil is already increasing, companies are shifting their focus away from expanding their facilities to maximizing returns, as market constraints and investor priorities naturally limit the feasible rate of expansion.
Chair of Exxon’s Upstream Division, Liam Mallon, stated that “A radical change (in production) is unlikely because the vast majority, if not everybody, is focused on the economics of what they’re doing,” as oil companies increasingly focus on gains overgrowth, “Maintaining the discipline, driving the quality, driving the information, will naturally limit that growth rate.” Furthermore, BP Chief Executive Officer Murray Auchincloss claimed that “drill, baby, drill” policies would only reduce permitting time for projects, not the all-out conquering of land that President Trump promoted. As demonstrated by these policies, the expansion of laws and rhetoric does not always create an expansion of the market.
References
Bousso, R., & Harvey, R. (2024, November 26). US oil firms unlikely to go “drill, baby, drill” under Trump, says Exxon executive. Reuters. https://www.reuters.com/markets/commodities/us-oil-producers-unlikely-shift-drill-baby-drill-mode-says-exxon-executive-2024-11-26/
Dang, S., & Seher Dareen. (2025, January 27). Big Oil in no rush to “drill baby drill” this year despite Trump agenda. Reuters. https://www.reuters.com/business/energy/big-oil-no-rush-drill-baby-drill-this-year-despite-trump-agenda-2025-01-27/
Gabbatiss, J. (2024, March 18). “Drill, baby, drill”: The surprising history of Donald Trump’s fossil-fuel slogan. Carbon Brief. https://www.carbonbrief.org/drill-baby-drill-the-surprising-history-of-donald-trumps-fossil-fuel-slogan/
Kreil, E. (2024, March 11). United States Produces More Crude Oil than Any country, Ever – U.S. Energy Information Administration (EIA). Www.eia.gov. https://www.eia.gov/todayinenergy/detail.php?id=61545
Milman, O. (2024, October 18). Trump gets record donations from big oil but far less than $1bn he wanted. The Guardian; The Guardian. https://www.theguardian.com/us-news/2024/oct/18/election-trump-oil-gas-fundraising
Top Contributors, federal election data for Donald Trump, 2024 cycle. (2024). OpenSecrets. https://www.opensecrets.org/2024-presidential-race/donald-trump/contributors?id=N00023864
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