The White House is reaching out directly to major oil executives as rising energy costs continue to pressure consumers. According to three individuals familiar with the matter who spoke to POLITICO, Energy Secretary Chris Wright and Interior Secretary Doug Burgum are set to hold a call Thursday with leaders of top U.S. oil and gas companies, urging them to ramp up drilling in an effort to bring down oil prices.
According to POLITICO, two of those sources said CEOs from Exxon Mobil, Chevron, Occidental Petroleum, Continental Resources, and other major producers were invited to participate. They requested anonymity because they were not authorized to speak publicly. Representatives for the companies did not immediately respond to inquiries.
“Out of respect for the significance and oftentimes confidentiality of these discussions, the Department does not have a statement to offer on private meetings,” a spokesperson for the Interior Department said in an email.
The outreach comes as the Trump administration intensifies its standoff with Iran. Tehran’s move to shut down the Strait of Hormuz following joint U.S.-Israel strikes has driven up global oil prices and contributed to fuel shortages in parts of the world. While the administration has been pressing for increased production, oil companies have so far hesitated, citing ongoing price volatility.
Gas prices have climbed to nearly $1 per gallon higher than this time last year, fueled by crude prices that have swung sharply since the conflict began but remain above $100 per barrel. Experts speaking this week at events tied to the International Monetary Fund and World Bank spring meetings warned that the strain on energy supplies and prices is likely to intensify in the near term. The IMF has already lowered its global growth outlook, citing the impact of the ongoing energy crisis.