Renowned fracking and oil pioneer, Harold Hamm, warns the Biden administration’s push for a green transition may spell the end of the energy renaissance and economic prosperity.
On “Kudlow,” Continental Resources’ chairman and founder expressed concern over the potential consequences of flawed energy policies throughout different administrations and stressed the importance of getting it right this time. “Energy independence,” he stated, “it means world peace.”
Despite President Biden’s recent anti-fossil fuel stance, Hamm believes that the American people are not receptive to such drastic changes.
The Biden administration’s proposed policies and legislation, including substantial climate change spending, a halt on federal land and offshore drilling, and a mandate for electric-only vehicles by 2035, face resistance from the conservative camp.
Hamm, however, remains confident that these sweeping renewable energy proposals will not come to fruition, highlighting the downturn in electric vehicle sales and the financial struggles of major corporations in the EV sector.
A June poll sponsored by the Committee to Unleash Prosperity further solidified the public sentiment against forced electric vehicle adoption, with a staggering 77% of respondents opposing the idea.
Despite Biden’s efforts to shift away from fossil fuels, Hamm emphasized the significant strides made in environmental improvement through clean-burning natural gas.
The United States has also played a pivotal role in supporting Europe by exporting liquefied natural gas, thereby preventing potential energy crises.
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Hamm called upon the Biden administration to expedite permitting reviews and approvals, advocating for the removal of the moratorium on federal lands.
He pointed out that the halt on federal land development has negatively impacted the country’s productive capacity and exacerbated inflation, ultimately burdening consumers.
Oil prices for Brent Crude and West Texas Intermediate have surged, hovering around $80 per barrel.
Hamm attributed these rising oil prices to inflationary pressures, asserting that current costs are unlikely to regress.
As a seasoned oil investor, he urged the public to adjust to the reality of $80 oil prices, emphasizing the necessity of continued investment in the oil and gas sectors.
In conclusion, Harold Hamm’s cautions about the Biden administration’s energy policies echo the sentiments of conservative voices.
His call for prudently managed energy policies, with a focus on maintaining America’s energy independence, resonates with those concerned about the potential adverse economic impacts of a rapid green transition.
