From his second inauguration in January to bold declarations in May, President Donald Trump placed oil at the center of his domestic and foreign policy agenda. Through a mix of striking rhetoric and aggressive policy shifts, he signaled a return to fossil fuel dominance. Below are ten of his most consequential oil-related quotes from the first five months of 2025, each with clear political and market implications.
1. “We will bring prices down… liquid gold under our feet” (Jan 20 – Inauguration)
Trump vowed to lower energy costs, refill the Strategic Petroleum Reserve, and expand U.S. energy exports. Referring to domestic oil as “liquid gold,” he emphasized its role in restoring American wealth. As a result, oil prices briefly dipped as traders anticipated increased U.S. output.
2. “We have the largest amount of oil and gas… and we are going to use it” (Jan 20 – Inauguration)
Trump touted America’s vast fossil fuel reserves as a cornerstone of economic revival. By framing oil as a competitive edge, he reinforced his “America First” energy strategy. Industry leaders welcomed the shift, while markets expected long-term supply growth.
3. “We will drill, baby, drill” (Jan 20 – Inauguration)
Reviving a familiar slogan, Trump declared a national energy emergency and signaled a rapid return to oil exploration. This catchphrase, widely circulated, symbolized a sweeping rollback of Biden-era climate policies, including renewed Arctic leasing and halted EV mandates.
4. “We don’t have to buy their oil. We have plenty of oil for ourselves” (Jan 20 – Post-Inauguration Briefing)
In a direct jab at Venezuelan imports, Trump asserted U.S. energy independence. Two months later, he imposed a 25% tariff on buyers of Venezuelan crude, targeting nations like China and India. The move briefly lifted oil prices and reaffirmed Trump’s sanctions-based foreign policy.
5. “I’m going to ask Saudi Arabia and OPEC to bring down the cost of oil” (Jan 23 – Davos Forum)
Addressing global CEOs, Trump pledged to pressure oil exporters for cheaper prices while also advocating for lower interest rates. Consequently, oil markets reacted immediately—Brent fell by 4% amid hopes of increased supply. OPEC officials pushed back, defending higher price levels.
6. “I will put secondary tariffs on all oil coming out of Russia” (Mar 30 – Air Force One Interview)
In an NBC interview, Trump threatened tariffs of 25–50% on Russian oil unless Moscow agreed to a Ukraine ceasefire. Although markets remained cautious, the warning highlighted rising geopolitical risks and supported OPEC+ production increases as a supply buffer.
7. “If you buy oil from Russia, you can’t do business in the United States” (Mar 30 – Same Interview)
Trump reiterated his position with a stark warning: any nation purchasing Russian oil would face U.S. trade exclusion. While analysts questioned enforcement, the threat unsettled key buyers like India and China and underscored Trump’s readiness to weaponize energy trade.
8. “All purchases of Iranian oil… must stop” (May 1 – Truth Social Post)
As nuclear negotiations stalled, Trump posted a direct ultimatum to global refiners, threatening secondary sanctions on Iranian oil buyers. In response, oil prices dropped by about $2, as markets priced in the possibility of eased Iran sanctions amid ongoing talks.
9. “They will not be allowed to do business with the United States… in any way, shape, or form” (May 1 – Truth Social)
In the same post, Trump declared a complete ban on commerce with any country importing Iranian crude. This hardline stance extended his “maximum pressure” strategy and raised tensions in global markets. Analysts noted potential trade disruptions, especially for China and India.
10. “I will also declare a national energy emergency” (Jan 20 – Inauguration)
Trump’s formal declaration allowed him to bypass regulatory hurdles and fast-track oil and gas projects. Immediately after, he lifted drilling bans and withdrew the U.S. from the Paris Agreement. While producers applauded the move, others warned of inflation and environmental setbacks.
Trump’s Energy Doctrine—Drill, Dominate, Disrupt
Trump has reshaped U.S. energy strategy through sharp rhetoric and assertive policymaking in just five months. His oil-related quotes reflect a clear pivot to fossil fuel expansion, aggressive tariff use, and energy nationalism. As a result, markets have grown more volatile, and global oil diplomacy is now navigating a more confrontational U.S. stance.