{"id":8138,"date":"2023-08-05T17:20:17","date_gmt":"2023-08-05T17:20:17","guid":{"rendered":"https:\/\/isafespend.com\/news\/us-economy-needs-more-energy-production-from-federal-lands-harold-hamm\/"},"modified":"2023-08-05T17:20:17","modified_gmt":"2023-08-05T17:20:17","slug":"us-economy-needs-more-energy-production-from-federal-lands-harold-hamm","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=8138","title":{"rendered":"US economy needs more energy production from federal lands: Harold Hamm"},"content":{"rendered":"
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The Biden administration’s efforts to restrict oil and gas production on federal lands are hurting the U.S. economy\u2019s growth through inflation and higher energy costs<\/u>, according to a leader of the American energy renaissance.<\/p>\n

Harold Hamm, chairman and founder of Continental Resources and author of the book “Game Changer,” said in a Tuesday appearance on “Kudlow”<\/u> that the federal government needs to “get on with the permitting” and “We need the moratorium taken off of federal lands, we\u2019ve always developed federal lands.”<\/p>\n

“What Biden did when he took all the federal lands \u2013 that\u2019s 26% of the U.S. landmass \u2013 off the table, and about 35% of the productive capacity. So, they did that, and [what] did it do? You\u2019re an economist \u2013 it drove inflation straight up, you know it cost more to consumers,” Hamm told host Larry Kudlow. Hamm’s firm pioneered fracking and horizontal drilling, techniques that made the U.S. energy industry more competitive with overseas rivals.<\/p>\n

US OIL INDUSTRY GIANT WARNS DEMOCRATS\u2019 GREEN ENERGY PUSH FUELS \u2018DOOMED\u2019 ECONOMY<\/u><\/strong><\/p>\n

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President Biden signed executive orders shortly after taking office that imposed a moratorium on issuing new oil and gas leases on federal lands and offshore waters. The policy was challenged in court and the administration eventually allowed new leases to be issued under a revised program with higher royalty payments to the government.<\/p>\n

The Biden administration also suspended operations on issued leases along with a moratorium on new leases in the Arctic National Wildlife Refuge (ANWR), pending an environmental review, a draft of which is expected to be released in the third quarter of 2023.<\/p>\n

Hamm said those higher costs don\u2019t go back down and are “very resilient,” adding, “I\u2019m talking about the inflationary costs that we\u2019re paying today, they never go backward. So, once you drive them up, there they\u2019re staying, they stick.”<\/p>\n

GOLDMAN SACHS SLASHES OIL PRICE FORECAST<\/u><\/strong><\/p>\n

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\"Oil<\/source><\/source><\/source><\/source><\/picture><\/div>\n<\/p><\/div>\n

Kudlow asked Hamm what price oil should be at to allow energy producers to generate profits and stimulate investment in the sector and whether $60 a barrel would be an economical target for them.<\/p>\n

Hamm responded that oil should cost around $80 per barrel “because that\u2019s what it takes to keep investing today in oil and gas.”<\/p>\n

Oil prices hovered around $80 a barrel on Wednesday as U.S. crude futures closed at $79.49 a barrel while Brent crude futures closed at $83.20 a barrel.<\/p>\n

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The Energy Information Administration noted that U.S. crude oil<\/u> inventories fell by 17 million barrels, which is the largest drop, according to records, dating to 1982. The reduction was attributed to increased refinery runs and strong crude oil exports.<\/p>\n

Reuters contributed to this report.<\/i><\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Biden administration’s efforts to restrict oil and gas production on federal lands are hurting the U.S. economy\u2019s growth through inflation and higher energy costs, according to a leader of the American energy renaissance. 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