DAVOS: U.S. Energy Secretary Chris Wright called for global oil production to roughly double in the coming decades to meet rising energy demand while keeping prices affordable and supporting economic growth.
Speaking on a panel at the World Economic Forum on January 22, 2026, Wright argued that current forecasts underestimate future consumption, particularly in developing economies.
Demand Growth Outpacing Forecasts
Wright highlighted that energy demand continues to rise sharply in Asia, Africa, and Latin America as populations grow and living standards improve. He criticized scenarios that assume rapid declines in oil use, stating they fail to account for persistent needs in transportation, petrochemicals, and heavy industry.
The secretary emphasized that affordable, reliable energy is essential for poverty reduction and industrialization in the Global South.
Call for Massive Supply Increase
To avoid price spikes and energy shortages, Wright advocated for an approximate doubling of worldwide oil output over the next 20–30 years. He pointed to advances in U.S. shale technology, which have kept domestic production high, as a model for expanding supply elsewhere.
Wright stressed that increased production must occur responsibly, with strong environmental safeguards, but maintained that restricting supply artificially drives up costs and harms consumers.
Contrast with Climate Goals
The remarks stand in stark contrast to many Davos discussions focused on accelerating the energy transition and reducing fossil fuel reliance to meet Paris Agreement targets. Several European and developing-nation representatives on the panel expressed concern that prioritizing oil expansion could undermine net-zero commitments.
Wright countered that realistic energy policy must balance climate objectives with energy security and affordability. The U.S. administration has consistently framed fossil fuels as indispensable in the near-to-medium term while supporting clean-tech innovation..