We covered Scott Bessent’s 3-3-3 plan a couple of weeks ago. One of his “3’s” is the goal of producing an additional 3 million barrels of oil equivalent to put downward pressure on headline inflation. Unfortunately for Bessent and other inflation doves, those plans will take time—more specifically, three years if we go by historical trends. This means that the Trump administration’s measures to address inflation at the beginning of the term will likely focus on addressing the budget deficit through spending cuts.