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Wright Tells CNBC Oil Fell on U.S. Strength, Citing Record Oil and Gas Production

June 23, 2025 · U.S. Department of Energy · 0:12:55

Embedded from the source channel — never re-uploaded. Watch on YouTube

What happened

Energy Secretary Chris Wright joined CNBC’s Brian Sullivan as oil markets fell during Middle East tensions. Wright, a former Liberty Energy executive, said a strong, confident, calm America is a stabilizing force geopolitically and in energy markets, and that President Trump’s peace-through-strength agenda signals eventual de-escalation and a safer, more stable Middle East.

Asked whether he was surprised oil was down about 6 percent, Wright said he would not expect much upward movement from the tensions and was not surprised prices moved down, though perhaps more than he would have guessed. He said the United States is at record-high production of oil and record-high production of natural gas, maintains close communication with other major energy-producing nations, and stands against the region’s one major destabilizing force, contrasting that with the prior administration’s policy of appeasing Iran.

In discussion with RBC Capital Markets’ Helima Croft, Wright said natural gas and natural gas liquids are the fastest-growing part of U.S. production as export markets open and pipelines and export terminals become easier to build, that crude production continues to grow this year with about half the growth from the Gulf of Mexico and half onshore, and that the administration wants a safe, simple, sensible regulatory environment for long-term investment.

Why it matters

The interview is the Energy Department’s market-facing case that American production records now blunt the price shocks Middle East conflicts once guaranteed — the core economic claim of the energy-dominance agenda.

Sources: U.S. Department of Energy, “Secretary Wright Joins CNBC’s Brian Sullivan - June 23, 2025”, 2025-06-23 (official upload, embedded above; published 2025-06-23). Transcript via Supadata (private research store, paraphrased and attributed, not republished). All figures and characterizations as stated by the speakers.