Continental Resources chairman and founder Harold Hamm has criticized Biden’s energy plan as the administration’s efforts to tackle climate change pose more challenges for the country.
“You know it’s all about economics 101 and it doesn’t have to be that way,” the oil billionaire said in an interview on FOX Business’s “Mornings with Maria”.
Last year, Hamm warned that the price of gasoline would rise under the Biden administration.
“We predicted that with the Biden energy platform, limiting supply would have consequences – and it certainly does,” Hamm told Maria Bartiromo on Tuesday.
“We are seeing the prices of crude oil and natural gas go up. You know, if you shut off the supply and demand comes back, which it does, you will see higher prices and that is what happens.” , he explained.
The average price per gallon of regular unleaded gasoline is about $ 3.38 in the United States, an increase of about 4 cents from about a week ago and 20 cents from it a month ago, according to AAA.
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Biden banned new drilling permits on federal lands for a year after taking office in January. The move ultimately put an end to the Keystone XL pipeline, a catalyst for what lies ahead for the oil industry and US energy independence.
“When you have a federal permit ban on federal lands that affects jobs, it affects everything we do. I mean, we are talking about 26% of the landmass and you are talking about the vast Gulf of Mexico off the coast of the United States. coasts, ”Continental Resources said. said the founder.
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Biden’s critics accused him of making the United States dependent on its opponents for oil and shutting down thousands of American jobs.
“The administration basically gave us [oil industry] censorship. I mean you can’t talk to them [Biden administration]. So they act like we don’t exist, ”Hamm said.
“They want more oil. They are going to call Saudi Arabia. They are going to call Putin in Russia. And that’s what they did for oil and gas,” he told the host. from “Mornings with Maria”. .
The president’s green plans for the United States have put the energy sector in dire straits. Recently, oil giant Exxon Mobil spoke of dropping large oil and gas projects, a costly effort according to Hamm.
“You know, you keep giving all that money to electric cars, wind and solar and all the renewables that don’t work,” Hamm said.
“How much money do you want to give Elon Musk?” He asked.
Daniella Genovese and Jonathan Garber of FOX Business contributed to this report.