The heads of the U.S. Interior and Energy Departments will hold a call on Thursday with CEOs from energy companies including Exxon and Chevron on their potential to boost oil and gas output, an administration official said, as the Iran war hikes global energy prices.
The prices, which are returning to levels seen during the aftermath of Russia’s invasion of Ukraine in 2022, are a risk to President Donald Trump’s fellow Republicans in the November midterm elections.
Global oil prices spiked about 4.6% on Thursday to above $99 a barrel as traders questioned whether peace talks between the U.S. and Iran would resolve disruptions to Middle Eastern energy supplies caused by the war.
The call is being organized by the White House, home to the National Energy Dominance Council, a group formed by President Donald Trump and led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright. The call was first reported by Politico.
Taylor Rogers, a White House spokeswoman, did not confirm the call specifically, but said the two secretaries are in constant contact with oil and gas executives.
“Since day one, the President has called on companies to ‘DRILL, BABY, DRILL,’” Rogers said in an emailed response.
Exxon and Chevron did not immediately respond to requests for comment.
(Reporting by Timothy Gardner, additional reporting by Sheila Dang in Houston; Editing by Nick Zieminski)