As the oil market experienced declining prices this week, Energy Secretary Chris Wright projected optimism about domestic production, despite the uncertainty fueled by tariffs and plans by the OPEC+ nations to raise output.
Oil prices hit a four-year low this week and have yet to fully rebound. Prices rose Friday but were still down on the week, with West Texas Intermediate at $61.45 per barrel, down about 50 cents on the week. Prices are down more than 15% since the start of the year.
Oil industry executives have warned that they cannot increase production unless prices are above a certain point. Nevertheless, Wright suggested Friday that he is still confident that President Donald Trump’s “Drill, baby, drill” agenda will be realized.
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