Trump's ambitious energy bet could be a winning hand as the world burns more oil, gas than ever
The world consumed more energy than ever before in 2025, with fossil fuels still supplying the vast majority of global energy despite record growth in renewable power, according to a new report.
The findings come as President Donald Trump pushes to expand U.S. oil and gas production, arguing domestic energy is key to lowering prices, strengthening national security and boosting economic growth.
The Energy Institute's 2026 Statistical Review of World Energy found oil, natural gas and coal accounted for 86% of global energy use last year, underscoring that despite years of investment in wind and solar power, the world continues to rely overwhelmingly on fossil fuels to power homes, businesses, transportation and industry.
Overall, the world consumed more energy than at any point on record.
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The findings align with the Trump administration's argument that expanding domestic oil and gas production is critical to lowering energy costs, strengthening U.S. energy security and fueling economic growth ahead of next year's midterm elections, where both parties are expected to make the economy and inflation central campaign issues — but for very different reasons.
America's dominant position in global energy markets was on full display in the report — and Trump is taking a victory lap.
"Even left-wing studies are finding that President Trump’s energy dominance agenda has been undeniably successful in unleashing reliable, affordable, and secure energy," White House spokeswoman Taylor Rogers told Fox News Digital.
"Thanks to the President, U.S. oil, natural gas, and coal production has increased – which benefits American families and businesses by lowering prices, creating jobs, and strengthening our energy security," she added. "America has abundant resources—President Trump is unleashing them."
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U.S. oil production reached a record 21.1 million barrels a day in 2025, nearly matching the combined output of Saudi Arabia and Russia. The U.S. also remained the world's largest natural gas producer and the world's leading exporter of petroleum products.
The report also comes as the conflict with Iran has renewed concerns about energy security and shipping through the Strait of Hormuz. Although its data predate the conflict, the report underscores how geopolitical tensions can threaten global energy supplies.
Few places are more important to global energy markets than the Strait of Hormuz.
About 20 million barrels of oil and one-fifth of the world's liquefied natural gas pass through the waterway each day, along with shipments of gasoline, diesel and jet fuel.
Economist Steve Moore said the latest conflict illustrates why the U.S. should continue expanding domestic energy production.
"Every time we've had flare-ups in the Middle East, this has caused a lot of disruption to the energy markets," he told Fox News Digital.
Moore said the conflict has once again exposed the world's dependence on oil flowing through the Strait of Hormuz, putting upward pressure on energy prices.
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Heritage Foundation chief economist EJ Antoni said the conflict underscores the need for the U.S. to move beyond energy independence and embrace what Trump has called "energy dominance."
"The Iran war has shown us it's not simply enough for America to be pumping at current levels. America needs to be not just energy independent, but energy dominant," Antoni told Fox News Digital.
He said the U.S. should continue expanding domestic energy production and refining capacity to strengthen its energy security.
The White House has argued that increasing domestic oil and natural gas production will help shield Americans from geopolitical shocks while lowering energy costs, a key pillar of Trump's broader economic agenda.
Read the full report here: