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US Interior Secretary Doug Burgum on Thursday said US oil and gas companies are open to some ideas, on a temporary basis, to help cut red tape and ultimately produce more oil.
Speaking at Semafor World Economy in Washington, DC, Burgum disclosed that he and Energy Secretary Chris Wright spent about 45 minutes with energy executives discussing ways in which they could produce more oil as pressures mount over fuel costs.
“They’re all leaning in because they’re getting a price signal that ‘hey, there’s a time to invest,’” Burgum said. A White House spokesperson previously told Politico that “since day one, the president has called on companies to ‘DRILL, BABY, DRILL.’”
Oil prices have topped $100 a barrel and the market has seen volatility as the blockade of the Strait of Hormuz continues following unsuccessful peace talks between the US and Iran.
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Burgum also said that the Trump administration continued to support Gulf countries building data centers despite concerns over bombardments and missiles as a result of the US-Iran conflict.
“I think every country is going to want to have some sovereign stake in manufacturing intelligence,” Burgum said, adding that many Gulf states are well-equipped with US defense systems.