Doug Burgum, the Secretary of the Interior, highlighted America's renewed energy dominance under President Donald Trump, amid record-breaking output and surging LNG exports.
There Will Be ‘New Records Set’
Burgum hailed the Trump administration's push for energy abundance while appearing on Fox Business’ “Mornings With Maria” on Monday, speaking live from the ADIPEC Summit in Abu Dhabi.
According to Burgum, Trump said, “drill baby drill” in July, leading up to record domestic oil production at 13.6 million barrels per day, while adding that “there will be new records set going forward,” as stable policy adds to the sector’s confidence.
See Also: Top 2 Energy Stocks That May Implode This Quarter
Burgum also highlighted the sharp contrast between the Trump and Biden administrations when it comes to energy policies, recalling the latter’s “moratorium on LNG export facilities.”
Under Trump, U.S. liquefied natural gas exports surged 25% year over year, making LNG the nation's top export and solidifying its position as the world's largest exporter.
US Energy Key For Global Stability And AI Dominance
The governor drew a direct connection between U.S. fossil fuel exports and international stability, saying the goal is to ensure allies “don't want to buy from adversaries like Russia or Iran,” and end up inadvertently funding wars or terrorist activities.
He also stressed the importance of energy abundance to maintain U.S. economic competitiveness, especially when it comes to powering AI. We need “enough energy to win the A.I. arms race with China,” Burgum said.
He concluded by saying, “Energy diplomacy is working,” and that Trump knows “how to use it to bring prosperity at home as well as peace abroad.”
Oil Stocks Continue To Tumble
Despite the surge in output and a fossil-fuel-friendly administration in Washington, oil stocks have had a rough year in 2025, with most ETFs that track the sector trailing the benchmark.
The Energy Select Sector SPDR Fund (NYSE:XLE), which provides broad-based exposure to the oil and gas industry, is up just 1.71% year-to-date, compared to the SPDR S&P 500 ETF Trust (NYSE:SPY), which tracks the S&P 500, and is up by 16.88% during this period.
The SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) is down 5.31% year-to-date, as commodity prices remain under pressure. VanEck Oil Services ETF (NYSE:OIH), which tracks upstream oil and gas service providers, has fared slightly better, with 5% year-to-date gains.
Crude oil prices were down 0.31% on Monday night, trading at $60.86 per barrel, while natural gas prices were down 0.14%, at $4.237 per million British Thermal units.
Photo Courtesy: muratart on Shutterstock.com
Read More:
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
