Why are gas prices rising if Trump said 'drill baby drill'?

[blackeagle007]

Gas rises up thanks to the war, but I remember trump saying “Drill baby Drill” what happened with that? I can see that promise isn’t being delivered.

[Chazmatazz269]

The POTUS doesn’t control petroleum prices. Big Oil gouges. They don’t need an excuse to raise prices. That is the nature of supply side economics.
The business model since the seventies has been: use any excuse to raise prices to record highs and leave them there until the market nearly breaks. Then lower prices slightly. Wait for all the idiots to forget and then use any excuse to raise prices to record highs again. Rinse and repeat.
It’s been a while, but last time i dug into it, Big Oil was complaining about regulatory costs and “competing” on the global market while having scored fifteen straight quarters of record profits.

[Ariesman81]

The only logical explanation I can think of is that the sanctioned Venezuelan oil is being held in strategic reserve. Whether to be used for the war in Iran or to choke out Russia and China, or possibly both I'm unsure of.

Drill baby drill, whether literal or not, appears to simply mean attain more oil.

I would suspect, that we're seeing a global supply shortage as we stockpile reserves. Worse case, like @Chazz said, oil companies are gouging. I'll wait to pass judgement until seeing what Trump decides to do with the reserves once things calm in Iran.

[Ariesman81]

Correction...

Donald Trump (2026): On March 11, 2026, President Trump authorized the release of 172 million barrels of crude oil. This action was taken in coordination with the International Energy Agency (IEA) to combat a surge in energy prices caused by the U. S. war with Iran.

[BonzoInBitburg]

Oil needs to be over $70 a barrel for US oil companies to drill and make money, which was why no oil company wanted to go to Venezuela initially.

[OneViewpoint]

Cheeto Jesus doesn't understand the law of supply and demand. But US oil companies do! Cheeto Jesus just took 2 major competitors out of the market. Isn't Capitalism wonderful?

[jshm2]

Because America doesn't produce fuel. The shitty shale oil that America drills is too light.

[slatyb]

New wells won't affect the price of oil.

[jahaims]

War dumbass

[Anonymous]

Seriously?