Key Takeaways
- America’s Energy Engine Is Running Strong: Chevron and Diamondback Energy executives say U.S. oil output is surging under Trump’s pro-energy policies, with the Permian Basin expected to hit record production and stabilize prices by 2026.
- Short-Term Dip, Long-Term Strength: Chevron CEO Mike Wirth predicts 2026 will be a “low point” for prices as global supply catches up, before rebounding as markets re-stabilize — proof that U.S. energy leadership drives global balance.
- Energy Independence Equals National Security: Industry leaders praised Trump’s approach for linking energy production to America’s defense, ensuring the U.S. never again depends on adversaries like Russia or Iran for vital resources.
America’s oil engine is roaring back to life — and the heart of it beats deep in Texas. In an exclusive look inside the Permian Basin, “Mornings with Maria” host Maria Bartiromo highlighted how President Donald Trump’s pro-energy policies are fueling a powerful resurgence in domestic oil production, setting the stage for a 2026 “low point” in prices before a global market rebound.
Chevron CEO Mike Wirth told FOX Business that the oil market is stabilizing after a period of aggressive U.S. production growth. “We’re prepared for prices in ’26 to be lower than they were in ’25,” Wirth said, noting that the market will “come back into balance” once increased supply works its way through the system.
Diamondback Energy CEO Kaes Van’t Hof agreed, adding that while today’s oil prices hover around $57 a barrel, the industry is finding ways to cut costs and strengthen for the long term. “Economics drive capital allocation decisions,” he said. “We’re going to reduce costs, cut emissions, and make our break-evens lower to live to fight another day.”
Bartiromo noted the Permian Basin — now responsible for about 40% of U.S. oil production — could reach 70% by 2040. Chevron executives emphasized that the Trump administration’s focus on energy independence has fortified not only America’s economy but also its national security.
“Energy security and national security are linked,” Wirth said. “We now have an administration that wants to see the energy industry invest in those resources to make sure America’s energy strength translates into economic strength and competitiveness.”
Once again, American energy innovation is proving that independence and prosperity go hand in hand.