Of course, Trump hasn’t been clear about his goals. As is his fashion, he’ll simply acknowledge that we’re already energy-independent once he’s in office and then take credit for it. Learning what he means by this is important if we’re to decide whether it’s possible. Does “drill baby drill” mean employ more oil rigs? That’s not feasible, considering the fact that hundreds fewer rigs are being deployed and production is increasing, due to increased efficiency.

Furthermore, there are literally thousands of drilling permits that have been issued and aren’t in use. Is Trump proposing using more of these permits? Issuing more of them that will go unused?

“Combined, the oil and gas industry holds leases to more than 25 million acres of publicly-owned minerals, roughly half of which sit unused. Companies now hold more than 9,000 approved, but unused, drilling permits on national public lands, all of which could be put to use today. Further, oil production on public lands is near all time highs, despite industry claims that the Biden administration has suppressed domestic production.” [Source]⁶

So why aren’t oil companies drilling? In short, corporate greed.

“Over the last decade, oil companies have not only been lighting excess natural gas on fire, they’ve been lighting money on fire as well. As of the beginning of 2022, oil companies listed in the S&P Oil and Gas Exploration and Production index had amassed $167 billion in debt, down from a high of $298 billion in 2020. Now that oil prices have risen, investors are looking to see profits returned to shareholders in the form of dividends and stock buybacks, rather than invested in more production. Similarly, banks that once lent oil companies money are now hesitant to commit more funds without guarantees that they will plow revenues into loan repayment, rather than more new drilling. Further, oil companies face a host of constraints when looking to increase production, namely the availability of drilling crews and sand for hydraulic fracturing.

In stark contrast to the rhetoric of oil industry trade groups, oil CEOs themselves are bragging to investors about their newfound “fiscal discipline” and determination to not increase production, which would inevitably lead to lower gas prices for American consumers.”⁶

“The reason that U.S. oil companies haven’t increased production is simple: They decided to use their billions in profits to pay dividends to their CEOs and wealthy shareholders and simply haven’t chosen to invest in new oil production.”⁹

The long-term feasibility is zero. Oil is a finite resource, set to run out in about 47-56 years.⁷ This means we need to transition to renewables, if not for environmental reasons, for the reason that fossil fuels literally aren’t going to exist when our kids are middle-aged.

“Last month, the Interior Department netted more than $4.3 billion at an auction for offshore wind leases in New York and New Jersey. That’s more than 23 times the paltry $131 million brought in by the last oil lease sale covering the entire Gulf of Mexico. So as oil companies once again use a crisis to ask the government for more drilling opportunities, it’s clear that, while oil companies are pushing to maintain their long held grip on our public lands, the future is renewable and the future is now.”⁶

The Center for American Progress concludes:

“The fossil fuel industry’s wish list—more taxpayer subsidies, more land opened for dirty drilling, and fewer environmental and health safeguards—will not help people struggling with the price of gas today. But granting them free rein will lock the United States into decades of higher and more volatile energy prices; higher toxic emissions; and greater climate destruction. Now is the time for the United States to finally achieve real energy security by reducing our dependence on fossil fuels.” [Source]⁹