Opinion

STEVE MOORE: Five energy truths the media ignore as America’s oil boom blunts the Iran war’s impact

America is now producing more oil and gas than ever. Record U.S. oil production offers protection from Iranian disruptions.

By Stephen Moore Fox News

Published March 12, 2026 7:00am EDT

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Panelists Dan Brouillette, Steve Moore and Art Laffer assess the economic impact of the Iran conflict on ‘Kudlow.’

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Given the energy disruptions in the Middle East since the start of the war with Iran and the topsy-turvy fluctuations in the price of crude oil ever since, here are five facts Americans should be aware of regarding the geopolitics of energy.

First, America is now producing more oil and gas than ever. Since 2022, we’ve produced more than any other nation, including Saudi Arabia. The best way to inoculate ourselves from foreign supply disruptions is to generate every barrel of oil we can here at home.

Second, the Green New Deal was and continues to be an energy belly flop. Even after spending $400 billion in taxpayer subsidies on wind and solar power, these remain fringe and non-scalable forms of energy. We get 80% of our power from fossil fuels. The same as it ever was.

TANKERS TO RESUME NORMAL MOVEMENT IN MIDDLE EAST IN 'A FEW WEEKS' AT WORST, ENERGY SEC SAYS, ENDING OIL SURGE

Third, the Middle East has always been an unreliable source of energy for the U.S. Since the 1970s, prices have spiked whenever there is turmoil in the region — which has occurred roughly once a decade.

Fourth, the U.S. is now a net exporter of oil and gas, with by far the largest increases in production. The U.S. is far less reliant on Middle East oil than it has been in decades.

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The Department of Energy reports:

America leads the world in oil and natural gas production, producing at all-time highs.

• U.S. crude oil production reached record-high output in 2025, at more than 13.6 million barrels per day. • The U.S. is currently producing 24 million barrels per day of oil and liquid fuels — more than Russia and Saudi Arabia combined. • The U.S. is producing nearly as much natural gas as Russia, Iran and China combined, at 110 billion cubic feet per day.

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Fifth, higher oil prices drive overall inflation because oil is a primary input into everything we produce and consume — from housing to groceries to health care to technology. If we want to keep the inflation rate down, we need energy prices to be falling or at least stable.

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What all of this means is that "Drill, baby, drill" is the best strategy for restoring a strong economy. This also underscores why "net-zero fossil fuels" was a fool’s errand.

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If Donald Trump is right that the Iranian oil supply-chain disruptions are temporary, the oil price will head back to the $40-to-$60 range almost assuredly, and the great 2026 economic boom will be right around the corner.

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A noted economist and expert on the intersection of law, economics and public policy formation, Steve Moore is the co-founder of Unleash Prosperity Now, an organization that promotes policies fostering economic growth and job creation.

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