Energy secretary touts U.S. "energy abundance" as exports and production climb

Christopher Wright, the U.S. secretary of energy, told an Atlantic Council audience that expanding U.S. energy production is central to economic growth and national security.

Wright said the United States has reached all-time highs in oil and natural gas production and cited May oil exports of about 5.4 million barrels per day, placing the U.S. ahead of Russia and Saudi Arabia. He said coordinated releases and swaps from strategic petroleum reserves with about 30 partner countries had added "35 million barrels to the United States strategic petroleum reserve" as part of crisis response and market management.

The secretary framed the administration’s policy as an "abundance" agenda: growing production of all economically sensible energy sources so the U.S. can reshore manufacturing and export energy to partners. He criticized the prior administration’s approach to energy policy, saying it treated energy as something to be constrained rather than expanded.

Wright also cautioned that markets are complex. He attributed the moderating effect on prices to a mix of SPR swaps, increased production, and temporary demand patterns in some countries. On China he said recent monthly imports around 4 million barrels a day reflected inventory adjustments and refinery slowdowns, not permanent demand destruction.

Brian Sullivan of CNBC pressed Wright on short-term price forecasts; Wright declined to give firm price calls but said expanding supply should help moderate prices over time. He warned that returning energy flows to pre-crisis routings could take months because shipping and supply chains have been redirected.

The session closed with Wright projecting continued growth in U.S. energy output and exports, and Sullivan summarizing that ship traffic through the Strait of Hormuz and Gulf exports are "rising very meaningfully."