Secretary Wright Joins Fox Business' Big Money in the Morning – November 3, 2026

And joining us right now, our Secretary of Energy, Chris Wright. Secretary, fantastic to see you this morning. Election Day morning. Your focus and the Trump administration's focus has been on our energy dominance, our energy prosperity and our energy security. We had record production of all oil product, 22 million barrels a day for the very first time in August, but also record domestic production of natural gas. That is our shale revolution. And people who heat with natural Natural gas and propane will have lower heating bills this winter. Tell us more about that revolution. No, you're right, Dagan. We've had continued growth in American At natural gas production, we produce more than the next three biggest producing countries combined. And natural gas prices are no different today than they were 12 months ago, since early on in the Trump administration. It's also America's largest source of energy. It has passed oil as our largest source of primary energy. And we have generations to come of low cost natural gas, which is going to allow us to expand electricity production, reshore man. Manufacturing and create more jobs in the United States, driving up wages for American workers and ultimately ending the ruinous price rises that Democrats have driven on electricity consumers across our country. Just not doing the math, thinking energy, it's about politics and not about humans. Amen. Secretary, I want to. Pivot with you on over to news overnight that the U.S. is striking Khasham Island. They're saying that it was a defensive move after Iran struck a U.S. aircraft. And I'm wondering if it has impacted at all the flow of oil through the Strait of Hormuz and the very important blockade that we have in that region. No, it is not. But Khasham Island is one of those places where the Iranians launch low-flying cruise missiles and drones trying to interrupt the flow of traffic through the Strait of Hormuz. So when they shoot at our ships, we see where they're shooting from and we knock those sites out. So this is more. Not highly unusual fare, but no, we've continued to drive a growing production, growing exports of oil and refined products out of the Arabian Gulf. Iran has moved nothing since July. And of course, that's strangling their economy. They're increasingly frustrated. They don't see a way out of this. But ultimately, they'll need to be a deal. They can have their economy moving again. They can bring prosperity to 90 million Iranians if they give up their maniacal quest to get bombs and create destruction in the region. Mr. Secretary, you've got an energy showdown brewing in New Jersey. Democrat Governor Mikey Sherrill warning port operators to turn away Russian diesel shipments authorized by the Trump administration. She writes in a new letter, quote, any effort to profit from the illegal trade in Russian fuel will be met with harsh penalties. She's also talking millions of dollars in potential fines. Does she have the authority to do that, sir? And even if she does. What's your message to her about turning away diesel right now? Yeah, this is this has been a bug. She's a new governor. We also have Abigail Spanberger as a new governor of Virginia. And they both have immediately got to work to making energy more expensive for their citizens. Virginia rejoined the regional greenhouse gas initiative, which is another way of saying a tax on energy production. Why? Why? After huge rises in energy prices, would you pile on to make them rise higher? But no, Governor Phil Murphy in New Jersey, that's just show. Most of that, the United States is a net exporter of diesel. If Russia can get more diesel out of their economy and into the world markets, that'll help push down prices. But Russia's not able to export diesel these days. President Trump is creatively trying to find an incentive for them to ramp down their war effort. The only way they can export diesel is ramp down their war effort. It's viewed as somehow, you know, coddling Russia or helping Russia. Complete nonsense. Helping Russia would say, would get rid of the oil sanctions or the sanctions on all the other Russian exports. These are just Democrats who it's very hard to defend their expensive energy, exporting American jobs out of their states and overseas. They don't want to talk about these terrible policies they have. So they try to make a show or a distraction on something. Secretary, just quickly here. We heard from ExxonMobil and Chevron in the last few weeks, record profits and record investment in refining capacity to help make America truly energy independent. Are they moving fast enough for you? Well, the Trump administration and President Trump himself move very fast. He is focused on massively growing U.S. energy production. But remember, just in the last 12 months, Gavin Newsom closed two large refineries in California. We're working with producers to restart shut-in refineries, to expand existing refineries. And look, this is what capitalism is all about. The markets are sending that price mechanism as well. Prices are high. The best cure for high prices is high prices. It grows supply. And so supply is growing. We're getting more refined products out of the Arabian Gulf. We're going to see more come out of India. We're going to see more come out of the United States. Gasoline and diesel prices peaked in September. They're on their way down, and they will continue down meaningfully in the months ahead, except if you live in energy subtraction Democrat-run states where they're all in on driving prices up. And high prices are self-correcting, Mr. Secretary, is that you have seen some demand destruction starting over the summer. So people are using less and that could bring prices down as well with diesel and gasoline. But let's stay on the likes of a governor of Virginia and New Jersey and the liberals who created what you have called the greatest... Malinvestment in human history. Ten trillion dollars, and we're talking about the great green boondoggle. Tomorrow marks 10 years since the Paris climate agreement took effect. Nearly a decade later, the International Energy Agency shows that global CO2 emissions hit a record high of nearly 38.4 billion tons, even the United Nations admitting that the world is still off track. In fact, President Trump pulling America out of that failing agreement and has been pushing U.S. energy dominance instead. What has this agreement accomplished? You have talked about this endlessly as soon as you took the job as secretary, about the $10 trillion malinvestment got us globally 1.2 percent of solar in world global energy production and 1.4 percent in wind, and prices have gone up. There was nothing that was accomplished except just setting that money on fire. Dagan, that's a great summary of what's happened. And President Trump is the opposite of that. He's just common sense. What's good for American jobs? What's good for the American people? What's good for American national security? But think about, Dagan, the name of the accords, the Paris Accords. What's happening in France right now? What's happening in Germany? What's happening in Italy? Massive protests. Since they signed these accords, they haven't reduced greenhouse gas emissions. They've just moved them outside of Europe. They've made it impossible to manufacture products and do things in Europe by driving their prices up. They've ended economic growth in their countries. They have massively high youth unemployment and therefore massively high dissatisfaction with life opportunities. That's what the Democrats want to bring to you in California, in New York and all across our country. It's just crazy. We know where that leads. It does not lead to reduced emissions. It just means leads to exporting emissions and worse. Life opportunities, the Republicans and President Trump are all about growing energy production, growing job opportunities, thinking about our children and our grandchildren and not about being fashionable in the Manhattan or Marin County cocktail parties. Are you concerned, though, about what Democrats in power, even at the state level, a state The state attorney general could do to the... Energy agenda, the pro-American energy agenda of President Trump and yourself after the midterms. Very concerned about that. Very concerned. About half of the states have been run by Democrats for the last decade. They have 40 to 50 percent higher electricity prices. If you look just during the Trump administration, the last two years, states that are controlled by Republicans, their electricity prices have risen less than inflation. If you look at the Democrat states, they've continued to rise higher than the price of inflation. High energy prices are a political choice, and Democrats have been making that choice for 17 straight years. They've indicated no intentions about changing those policies. They believe in high energy prices and exporting jobs out of their states and out of our country. The Trump administration is the exact opposite. Increased American security, increased American affordability, increased jobs. It's actually insane to me that the Democrats have not yet changed away from these foolish and destructive policies. Well, we'll see what an election might do about that. Energy Secretary Chris Wright, very nice to see you this morning. Thanks for joining us. Thanks for having me.