'Drill, baby, drill': Donald Trump hails US oil boost, calls Venezuela 'new friend and partner'
Times of India
by TOI BUSINESS DESKFebruary 25, 2026
AI-Generated Deep Dive Summary
US President Donald Trump delivered a speech emphasizing his "drill, baby, drill" policy to boost domestic energy production. He highlighted rising oil and natural gas outputs, attributing them to his administration's pro-drilling stance. Trump also praised Venezuela as a new ally, claiming the country sent over 80 million barrels of oil to the US. Despite his claims, data shows gasoline prices remain higher than he suggested, with AAA reporting an average price of $2.95 per gallon.
Trump's speech came during the State of the Union address, where he aimed to showcase economic progress amid weak polling numbers and challenges ahead of midterm elections. He touted American oil production increases of over 600,000 barrels a day and natural gas at an all-time high. Trump also mentioned a deal with Venezuela's acting president, Delcy Rodríguez, who reportedly requested permission to send 50 million barrels of oil to the US. Trump approved the deal, valued at $4.2 billion.
The move follows Trump's decision to ease oil sanctions on Venezuela after allegations of drug trafficking against President Nicolás Maduro. While Trump framed the partnership as mutually beneficial, critics argue it could undermine efforts to isolate Maduro's regime. The administration's shifting stance on Venezuela has raised questions about its long-term goals in the region.
Trump's focus on energy independence and stronger ties with Venezuela aligns with his broader economic agenda but faces
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Originally published on Times of India on 2/25/2026