How much oil can Trump pump?
The president-elect wants to be the ultimate energy baron
Donald Trump, a man not renowned for the length of his attention span, likes simple formulae. Scott Bessent, his nominee to be treasury secretary, has one: “3-3-3”. He wants to cut America’s federal budget deficit to 3% of GDP, lift annual economic growth to 3% and increase the country’s oil and gas output by the equivalent of 3m barrels per day (b/d) by 2028, up from 30m in 2024.
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This article appeared in the Finance & economics section of the print edition under the headline “President pump”
Finance & economics
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From the December 14th 2024 edition
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Trump’s tariff turbulence is worse than anyone imagined
Even his concessions are less generous than expected
Why silver is the new gold
Safe-haven demand and solar panels have sent its price soaring
Trump’s new tariffs are his most extreme ever
America targets its three biggest trading partners: Canada, Mexico and China
El Salvador’s wild crypto experiment ends in failure
Its curtailment is the price of an IMF bail-out. And one worth paying
America is at risk of a Trumpian economic slowdown
Protectionist threats and erratic policies are combining to hurt growth
India has undermined a popular myth about development
Extreme poverty in the country has dropped to negligible levels