Senior officials from the U.S. Interior and Energy Departments will hold a conference call on Thursday with chief executives of energy companies, including Exxon and Chevron, to discuss the firms' potential to increase oil and gas output, an administration official said.
The outreach is taking place as the conflict involving Iran has driven global energy prices upward. Prices are climbing back toward levels recorded in the aftermath of Russia's 2022 invasion of Ukraine, a trend the administration views as a political risk for Republicans ahead of the November midterm elections.
Global oil benchmarks surged roughly 4.6% on Thursday, pushing prices above $99 a barrel, as traders questioned whether ongoing peace talks between the U.S. and Iran would be sufficient to resolve disruptions to Middle Eastern energy supplies stemming from the war.
The White House is organizing the call. The National Energy Dominance Council - a body established by President Donald Trump and based at the White House - is led by Interior Secretary Doug Burgum and Energy Secretary Chris Wright.
The call was first reported by Politico.
Taylor Rogers, a White House spokeswoman, did not explicitly confirm that particular call, but noted that the two cabinet secretaries remain in frequent contact with executives across the oil and gas sector.
"Since day one, the President has called on companies to 'DRILL, BABY, DRILL,'" Rogers said in an emailed response.
Exxon and Chevron did not immediately respond to requests for comment.
Separately, an investment product noted in the original report describes a system that evaluates companies such as Chevron using many financial metrics and highlights past stock performers. That product presented examples of prior winners, including Super Micro Computer and AppLovin, cited with their performance figures in the source material.
Officials conducting the call are expected to focus on the capacity of oil and gas producers to boost output in response to the price spike. The conversation underscores the administration's engagement with industry leaders as markets react to geopolitical developments.