Drill, baby, drill

A look at the real meaning of the phrase

When Donald Trump invokes “Drill, baby, drill,” it’s not really about opening up U.S. lands for new oil development. The reality is that high-quality drilling inventory in the U.S. is dwindling, and with oil at $70, much of what remains falls into tier 2 or 3 acreage—uneconomical for major operators. Instead, the phrase is a strategic message: oil and natural gas will remain central to the global economy for years to come, and American companies will be major players—not necessarily by drilling at home, but by expanding overseas.

The “Unleashing American Energy” executive order signals this shift. Yes, natural gas from the Marcellus will see a surge in relevance once more LNG export terminals come online, closing the pricing arbitrage between U.S. and European gas markets. But on the oil side, the next frontier isn’t Texas or North Dakota—it’s abroad. U.S. majors are already positioning themselves for a return to deepwater, Latin America, West Africa, and the Middle East, where the best opportunities for production growth now lie.

This is the real message behind Trump’s rhetoric. It’s not about a drilling boom on U.S. soil—it’s about ensuring that oil and gas remain dominant in global markets, with American firms leading the way. The Biden administration tried to straddle to take the credit for driving record U.S. production while pushing renewables at net zero under a Secretary of Energy that knew little about either. Trump rejects that approach. His vision is clear: the energy transition is an illusion, and fossil fuels will remain the foundation of the global economy for decades.