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.
Explore more
This article appeared in the Finance & economics section of the print edition under the headline “President pump”
Finance & economics December 14th 2024
- Which economy did best in 2024?
- The Federal Reserve takes on Trump—and stubborn inflation
- Bitcoin is up by 138% this year. It is a nonsense-free rally
- How much oil can Trump pump?
- The World Bank is struggling to serve all 78 poor countries
- Are adults forgetting how to read?
- What a censored speech says about China’s economy
From the December 14th 2024 edition
Discover stories from this section and more in the list of contents
Explore the editionMore from Finance & economics
China meets its official growth target. Not everyone is convinced
For one thing, 2024 saw the second-weakest rise in nominal GDP since the 1970s
Ethiopia gets a stockmarket. Now it just needs some firms to list
The country is no longer the most populous without a bourse
Are big cities overrated?
New economic research suggests so
Why catastrophe bonds are failing to cover disaster damage
The innovative form of insurance is reaching its limits
“The Traitors”, a reality TV show, offers a useful economics lesson
It is a finite, sequential, incomplete information game
Will Donald Trump unleash Wall Street?
Bankers have plenty of reason to be hopeful