Debunking Trump’s Claims That “Drill Baby Drill” Will Lower Consumer Prices

President Trump won election this month in part by convincing voters that he could bring down consumer prices for groceries, gasoline, and other products by expanding oil production. We interview an expert on the oil industry and climate change, Professor Robert Kaufmann of Boston University, who debunks this claim. Petroleum is traded on a global market, Kaufmann explains, and so one president of any one nation cannot unilaterally bring down oil and gasoline prices – because other countries, like Saudi Arabia, could cut back production even if U.S. companies boosted oil production. Kaufmann also argues that President Biden’s signature legislation on the climate, the Inflation Reduction Act, could survive Trump’s regulatory rollbacks and attacks on green programs because so many of the clean energy projects the law funds are located in Republican districts, whose representatives won’t want to lose local funding and jobs.