Trump to Congress: “Drill, Baby, Drill!” — Alaska Pipeline, Balanced Budget, and “Worst Inflation in 48 Years”

In the energy and economic segments of his March 5, 2025, joint address to Congress, President Trump declared “Drill, Baby, Drill!” as the centerpiece of his inflation-fighting strategy, accused the Biden administration of cutting “oil and gas leases by 95 percent” and closing “more than 100 power plants,” and announced that America’s Alaska LNG pipeline would attract “investments of trillions of dollars” from Japan and South Korea. He pledged to “balance the federal budget” for the first time in 24 years and celebrated a “big, beautiful drop” in interest rates that day. Trump framed the inherited economy as “an inflation nightmare” and “the worst inflation in 48 years, but perhaps even in the history of our country.”

Biden’s Energy Destruction: “95 Percent” Lease Cuts

Trump opened the energy segment by cataloguing the specific damage the Biden administration had inflicted on American energy production.

“A major focus of our fight to defeat inflation is rapidly reducing the cost of energy,” Trump said. “The previous administration cut the number of new oil and gas leases by 95 percent, slowed pipeline construction to a halt, and closed more than 100 power plants.”

The three statistics — 95% lease reduction, halted pipeline construction, and 100+ closed power plants — told the story of an administration that had systematically dismantled America’s energy infrastructure in pursuit of climate objectives. Each action had contributed to higher energy prices that cascaded through the entire economy, raising costs for transportation, manufacturing, heating, and electricity.

Trump described the reversal already underway: “We are opening up many of those power plants right now. And frankly, we have never seen anything like it.”

He connected the energy policy to the national emergency he had declared. “That’s why on my first day in office I declared a national energy emergency,” Trump said.

”Liquid Gold Under Our Feet”

Trump then delivered the energy message in the vivid language that had made “Drill, Baby, Drill” one of the most recognized political slogans of the era.

“As you’ve heard me say many times, we have more liquid gold under our feet than any nation on Earth,” Trump said. “And by far. And now I fully authorize the most talented team ever assembled to go and get it.”

He delivered the line: “It’s called Drill, Baby, Drill.”

The “liquid gold” metaphor transformed a policy debate about oil and gas production into a narrative about national treasure. The United States was sitting on the world’s largest energy reserves, and previous administrations had refused to develop them. Trump was authorizing the most aggressive extraction effort in American history, and the team he had assembled — Interior Secretary Burgum, Energy Secretary Wright, EPA Administrator Zeldin — was specifically chosen for their commitment to that mission.

The Alaska LNG Pipeline: “Trillions of Dollars”

Trump elevated the Alaska LNG pipeline from a policy initiative to a congressional announcement.

“My administration is also working on a gigantic natural gas pipeline in Alaska, among the largest in the world,” Trump said. “Where Japan, South Korea, and other nations want to be our partner with investments of trillions of dollars each.”

He emphasized the scale: “There’s never been anything like that one. It will be truly spectacular.”

He noted the regulatory progress: “It’s all set to go. The permitting is gotten.”

The “permitting is gotten” detail was significant because it addressed the primary obstacle that had stalled energy infrastructure projects for decades. The Biden-era permitting process had been designed to delay or prevent major energy projects through endless environmental reviews. Trump’s energy emergency declaration and the Energy Dominance Council’s streamlining authority had cleared the regulatory path, turning what might have been a decade-long approval process into something that was “all set to go.”

Critical Minerals and Rare Earths

Trump previewed upcoming executive action on domestic mineral production.

“Later this week, I will also take historic action to dramatically expand production of critical minerals and rare earths here in the USA,” he said.

The announcement connected the energy agenda to the broader strategic materials strategy. Critical minerals and rare earths were essential for everything from electric vehicle batteries to military electronics to advanced semiconductors. The United States had enormous deposits of these materials but had been largely dependent on foreign sources — particularly China — due to environmental regulations that made domestic mining difficult or impossible.

By pairing the “Drill, Baby, Drill” energy message with a critical minerals expansion, Trump was signaling a comprehensive approach to resource independence that went beyond oil and gas to encompass the full spectrum of materials the modern economy required.

”An Inflation Nightmare”

Trump then laid the economic damage directly at Biden’s feet.

“Among my very highest priorities is to rescue our economy and get dramatic and immediate relief to working families,” Trump said. “As you know, we inherited from the last administration an economic catastrophe and an inflation nightmare.”

He described the transmission mechanism: “Their policies drove up energy prices, pushed up grocery costs, and drove the necessities of life out of reach for millions and millions of Americans. They’ve never had anything like it.”

Trump quantified the damage: “We suffered the worst inflation in 48 years, but perhaps even in the history of our country. They’re not sure.”

The “48 years” figure dated the inflation crisis to the Carter-era stagflation of the late 1970s — the previous record that the Biden administration had challenged. The qualifier “perhaps even in the history of our country” suggested that when cumulative price increases were measured rather than just the peak annual rate, the Biden inflation may have exceeded any previous episode.

The Path to a Balanced Budget

Trump connected every element of his agenda — DOGE, energy, deregulation, tariffs — to the ultimate fiscal objective.

“By slashing all of the fraud, waste, and theft we can find, we will defeat inflation, bring down mortgage rates, lower car payments and grocery prices, protect our seniors, and put more money in the pockets of American families,” Trump said.

He then celebrated a real-time data point: “And today, interest rates took a beautiful drop. Big, beautiful drop. It’s about time.”

The interest rate decline on the day of the address provided a live validation of the administration’s economic strategy. If markets were responding to the combination of spending cuts and energy production with lower rates, the transmission mechanism Trump described — from government efficiency to lower borrowing costs to consumer savings — was already working.

Then the fiscal ambition that capped the economic message: “And in the near future, I want to do what has not been done in 24 years: balance the federal budget. We’re going to balance it.”

The 24-year reference dated the last balanced budget to the Clinton administration’s fiscal year 2001 surplus. No president since had balanced the budget, and the annual deficit had grown to approximately $2 trillion under Biden. Trump was claiming that the combination of DOGE savings, tariff revenue, Gold Card proceeds, and economic growth would produce what no administration in a generation had achieved.

Key Takeaways

• Trump declared “Drill, Baby, Drill!” as his inflation-fighting centerpiece, accusing Biden of cutting oil and gas leases “by 95 percent” and closing “more than 100 power plants.”
• He announced the Alaska LNG pipeline would attract “investments of trillions of dollars” from Japan, South Korea, and other nations, with “permitting gotten.”
• Trump pledged to “balance the federal budget” for the first time in 24 years through spending cuts, DOGE savings, and revenue from tariffs and energy production.
• He called the inherited economy “the worst inflation in 48 years, but perhaps even in the history of our country.”
• Trump celebrated a “big, beautiful drop” in interest rates on the day of the address and previewed “historic action” on critical minerals and rare earths later that week.