[Fox Business] US oil industry giant warns Democrats’ green energy push fuels a ‘doomed’ economy

Read Time:2 Minute, 41 Second

An American fracking and oil pioneer has cautioned that the Biden administration’s green transition means the end of the energy renaissance and economic prosperity.

“If we don’t handle policy right on energy, then we’re doomed to repeat all the same things that’s happened administration after administration. We have to get it right,” Continental Resources Chairman and founder Harold Hamm said on “Kudlow” Tuesday. “Energy independence, it means world peace.”

“It’s very important. I’m a patriot, I love America,” he continued. “We’ve produced something that’s very good. We have to maintain that.”

Even though President Biden has waged a war on fossil fuels over the last three years, Hamm argued Americans “are not going for it.”

N.Y. BRACING FOR GAS AND ELECTRIC BILL SHOCK AMID GREEN PUSH: ‘VERY AWARE’ OF THE ‘BURDEN,’ CON ED SAYS

Various policies and legislation considered by the Biden administration include $600 million for climate change spending, a moratorium on federal land or offshore drilling, electric-only vehicles by 2035, SEC regulations around environmental, social and corporate governance (ESG) investments – and more.

The gamut of renewable energy proposals, according to Hamm, is “not going to happen.”

“EV sales are down, big companies losing tons of money,” the oil tycoon said, likely hinting at Ford’s recent multi-billion dollar loss. “People are not going for it, American people don’t want it.”

Additionally, a recent June poll sponsored by the Committee to Unleash Prosperity showed that 77% of respondents don’t want to be forced into electric vehicles.

“[Biden’s] trying to kid everybody, but it’s not working,” Hamm said. “He just wanted to cancel all fossil fuels… but we’ve done great things… with cleaning up the air with clean burning natural gas. And what would Europe have done last year had it not been for LNG shipment from America? Those boys would’ve been cold, and we saved them.”

Hamm also urged the Biden administration to expedite permitting reviews and approvals.

“They need to get on with the permitting. We need to take the moratorium off of federal lands. We’ve always developed federal lands,” he noted. “What Biden did when he took all the federal lands, that’s 26% of the U.S. landmass off the table at about 35% of the productive capacity.”

“It drove inflation straight up, it cost more to the consumers,” the chairman continued. “We went from an era of abundance under Trump back to an era of scarcity.”

Oil prices for Brent Crude and West Texas hovered around $80 as of Wednesday morning, up just over 2% in the past five days and 16% in the past month.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Hamm argued inflation is driving “everything up that we do,” and solidified the cost behind rising oil prices.

“I’m talking about the inflationary cost that we’re paying today. They never go backwards. So once you draw them up where they’re staying and they stick,” the billionaire oil investor said. “Get used to an $80 oil price because that’s what it takes to keep investing today in oil and gas.”

The U.S. Department of Energy did not return Fox News Digital’s request for comment. 

READ MORE FROM FOX BUSINESS

Read More 

About Post Author

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %