The Trump administration is confident that the recent spike in gas prices, driven by the ongoing conflict in Iran, will soon stabilize as domestic energy production expands. Doug Burgum, Interior Department head and chair of Trump's National Energy Dominance Council, emphasized that increased supply is the key to lowering energy costs for American workers.
'It's all about supply. You want prices to go down? Supply has got to go up,' Burgum stated in an interview. He highlighted that the Interior Department has approved over 6,000 drilling permits on U.S. soil, reversing the Biden administration's regulatory constraints on domestic energy independence.
Burgum attributed the current price volatility to the Middle East conflict but noted that recent market trends are promising. 'Energy prices dropped a lot today, and stock markets are up,' he said. 'These are positive things for working Americans.'
The administration’s strategy includes major policy shifts, such as leveraging Venezuelan oil imports to Gulf Coast refineries and 'unleashing Alaska' from what Burgum described as excessive regulation under the previous administration. 'The Biden administration had taken over 70 legal actions to sanction Alaska more than we sanctioned Iran,' he added.
State-level policies also play a significant role in energy costs, Burgum explained, pointing to stark differences between red and blue states. For example, Iowa recently saw gas prices under $2 per gallon, while Californians paid $5. 'California imports 63 percent of its oil from foreign countries,' Burgum noted, criticizing the state's reliance on foreign energy sources.
To address these disparities, the Trump administration has issued energy emergency declarations, directing California to prioritize affordable domestic energy production. Burgum concluded, 'When you think you're saving the planet by blocking U.S. infrastructure, you artificially raise the prices.'