Former President Donald Trump says he has the key to cutting inflation: Drill, baby, drill.
In rallies and appearances, Trump has claimed that his plan to open up the country to as much oil and gas drilling as possible will cut costs throughout the economy, including groceries, mortgages and utility bills.
“At the center of our effort to bring the cost of living under control will be the all out push to end the Biden Harris war on a thing called American energy,” Trump said at a Wednesday rally in North Carolina that was billed as a major address on the economy. “American energy, we will drill, baby, drill. We’re going to bring energy prices down.”
Economists generally agree that increases in energy prices broadly raise the costs of producing goods, raising retail prices for Americans. But fossil fuel production is already at record levels under President Joe Biden — and oil and gas prices are largely out of the hands of a president. Foreign wars, international crises, supply interruptions, the seasons and other factors are far more influential than the policy of any presidential administration.
