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.”
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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.”
“American people don’t want” a rushed transition to renewable energy, Hamm added on “Kudlow.” (AP Newsroom)
“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.
