Tag: oil

Dozens of Republicans Slam Biden Administration for Considering Crude Oil Export Ban

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Texas Rep. August Pfluger and Congressman Roger Williams

A large group of House Republicans penned a letter to top Biden administration officials Friday, urging them not to ban U.S. crude oil exports.

The GOP lawmakers, led by Texas Reps. Roger Williams and August Pfluger, said the move would be a “catastrophic mistake” and further exacerbate high energy prices in the letter addressed to Energy Secretary Jennifer Granholm and Commerce Secretary Gina Raimondo. The congressmen noted that a previous crude oil export ban had been opposed by Democrats and Republicans alike.

“President Biden’s war on American energy continues with his Administration’s latest discussions to reinstate the export ban on crude oil, which was repealed in 2015 on a bipartisan vote,” Williams said in a statement.

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Commentary: Biden Is Making Russia Great Again

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Under former President Donald J. Trump, for the first time in decades, the United States became a net exporter of natural gas and oil. That helped to keep global energy prices relatively low. It also gave the United States leverage over the international system in ways it had not enjoyed since before the 1970s.

Alas, the propagation of the novel coronavirus from Wuhan, China, along with the ceaseless lies of the Western “mainstream” media made such a prosperous and secure future under Trump an impossibility.

In the eight months since assuming office under a cloud of controversy, Joe Biden has done more to harm America’s inherent strategic advantages in the global energy market than any U.S. rival could have imagined. Under Biden, the United States has gone from being a net exporter of global energy to begging the Organization of Petroleum Exporting Countries (OPEC) to produce more oil for the world to consume.

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Shawn Parker Commentary: Joe Biden’s Policies Are Making Energy Prices Spin Out of Control

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Energy prices are spinning out of control and we are facing a crisis of the working people like we haven’t seen since 2009. Energy prices have risen 30 percent on average and the winter has not yet arrived. Families will be faced with the hard decision of choosing between gas to get to work or paying for rent, healthcare, food, or other basic necessities. The economists at Texas A&M University pointed to the tipping point of the “housing recession” of 2010 as being fully caused by gas prices at the pump reaching $3.30 a gallon for a sustained period of 60 days.

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Texas Democrats: Biden’s Energy Policies Will Cost Jobs, Create Dependence on Foreign Oil

The Center Square
Henry Cuellar

Seven Democratic U.S. representatives have asked Speaker of the House Nancy Pelosi, D-Calif., and Senate Majority Leader Chuck Schumer, D-New York, to not target the oil and gas industry in the budget reconciliation bill before Congress.

Despite the concerns they and those in the industry have raised, Democrats in the U.S. House Natural Resources Committee pushed through a section of the bill, which includes billions of dollars in taxes, fines and fees on the oil and gas industry in the name of climate change.

Committee Chair Raúl M. Grijalva, D-Ariz., said the section of the bill that passed “invested in millions of American jobs” and put the U.S. “on a more stable long-term economic and environmental path.”

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Biden Gears Up for Renewed Fight Against Oil and Gas

The Center Square

A federal judge has ruled the Biden administration must resume allowing oil and gas leasing on federal land and waters, but the administration is saying it will not go down without a fight.

The Biden administration said it will appeal a court ruling allowing the leases, the latest development in a months-long battle between President Joe Biden and the oil and gas industry, even as gas prices continue to rise.

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Labor Shortage Slows Oil Production in Major Fracking State

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A shortage of workers has contributed to a significant crude oil production slowdown in North Dakota, the second-largest U.S. oil hub behind only Texas.

The labor shortage has caused oil output to become “flat as a pancake,” North Dakota State Mineral Resources Director Lynn Helms told The Bismarck Tribune. Energy companies have struggled to find workers needed to do the laborious work — injecting water, sand and chemicals into wells to extract oil — associated with fracking.

“Most of these folks went to Texas where activity was still significantly higher than it was here, where they didn’t have winter and where there were jobs in their industry,” Helms said, according to the Tribune. “It’s going to take higher pay and housing incentives and that sort of thing to get them here.”

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As Biden Seeks to Limit U.S. Oil Production, Reliance on Russian Imports Rises

The Center Square

Within months of President Joe Biden halting the Keystone Pipeline, pausing new oil and gas leases on federal lands, and imposing further restrictions on U.S. oil companies, U.S. oil imports from Russia set a new record in March.

According to International Energy Agency, U.S. imports of crude oil and petroleum products from Russia reached 22.9 million barrels in March, the highest level since August 2010. They had reached over 25 million barrels in April 2009.

Crude oil imports from Russia in March stood at 6.1 million barrels, making Russia the third-largest oil exporter to the United States.

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Federal Judge Orders Biden Administration to Halt Oil and Gas Leasing Ban

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A federal judge ordered the federal government to halt its ban on new oil and gas leases in a major setback for President Joe Biden’s administration.

Judge Terry Doughty, of the U.S. District Court for the Western District of Louisiana, granted a preliminary injunction that had been requested by a large coalition of Republican state attorneys general in an order released Tuesday evening. The Department of Interior is prohibited from enforcing the oil and gas leasing ban until the case is concluded, according to the order.

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Commentary: The Keystone Cancellation and Biden’s Climate Cronyism

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Among many executive actions signed on Inauguration Day to sweep Trump policies out the door along with the man himself, President Biden rescinded approval for the Keystone XL oil pipeline. Keystone XL, according to Biden’s top climate policy adviser Gina McCarthy, “was not consistent with addressing the climate crisis to the depth and scope that we are planning to address it.”

Keystone XL has now played the role of political football for a full decade, and Americans can be forgiven for having forgotten the project’s details.

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Venezuela Judge Convicts Six American Oil Execs, Orders Prison

The Associated Press

Six American oil executives held for three years in Venezuela were found guilty of corruption charges by a judge Thursday and immediately sentenced to prison, dashing hopes of a quick release that would send them home to their families in the United States.

Some relatives had been bracing for the disheartening outcome, which came on the evening of Thanksgiving Day.

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Biden’s Plan to ‘Transition Away’ from the Oil Industry Would Hurt New Mexico, Texas the Most

The Center Square

Both Republicans and Democrats are pushing back on comments Democratic presidential candidate Joe Biden made about “transitioning away” from the oil industry.

At the presidential debate Thursday night, Biden said, “I would transition away from the oil industry, yes. The oil industry pollutes, significantly. It has to be replaced by renewable energy over time.”

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Oil and Gas Production to Account for 68 Percent of Energy Consumption Over Next Two Decades

The Center Square

Over the next two decades, oil and gas production is projected to account for 68 percent of energy consumption in the U.S. and will play a key role in the energy transition to a low carbon future, according to a new report published by the U.S. Department of Energy.

Natural gas is increasingly powering plants to produce electricity, but oil and natural gas are revitalizing the U.S. petrochemical industry, growing the liquefied natural gas industry, and boosting high-tech materials, the report states.

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Michigan Refineries Warn of Fuel Shortages and Price Increases if Line 5 Closure Continues

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Shutting down the Line 5 pipeline through the Straits of Mackinac – even if only temporarily – will send adverse effects rippling throughout Michigan, other areas of the Midwest and, as well, Ontario and Quebec.

That’s according to not only Enbridge, which operates Line 5, but also the refineries that rely on the pipeline to supply the fuel provided to consumers at the fuel pump and such major customers as Detroit Metropolitan Airport.

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Oil Demand to Spike in 2021 by 5.7 Million Barrels Daily as Oil Companies Slash Production: IEA

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Cuts in oil supply and a record rebound in demand in 2021 will help put the fossil fuel industry on better footing even as the pandemic hammers oil demand, the International Energy Agency said Tuesday.

Demand for oil will rebound by a record 5.7 million barrels per day even as world demand for crude drops by 8.1 million barrels daily in 2020, the IEA reported. The report comes as city officials ease up on economic lockdowns, which is spurring a recovery in crude demand.

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OPEC, Allied Nations Extend Nearly 10M Barrel Cut by a Month

The Associated Press

OPEC and allied nations agreed Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.

Ministers of the cartel and outside nations like Russia met via video conference to adopt the measure, aimed at cutting out the excess production depressing prices as global aviation remains largely grounded due to the pandemic. It represents some 10% of the world’s overall supply.

However, danger still lurks for the market. Algerian Oil Minister Mohamed Arkab, the current O

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Plummeting Oil Prices Are Not Reflected in California’s Price at the Pump

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Gas up the car

Gas prices are falling all over the country as oil prices tumble, yet prices are still relatively high in California, where environmental polices are restricting how oil refineries can produce gasoline.

The price of a gallon of gas has plummeted in Ohio to around $1 in part because Americans are self-isolating to avoid spreading the novel coronavirus. The average price dropped 35.1 cents over the past month, according to data from the AAA and Oil Price Information Service.

A BP station in Kentucky, for instance, posted a price below $1 a gallon, The Washington Post reported Thursday. Four other stations in Oklahoma City followed suit, along with another in Paris, Tennessee. The national average for gas on Thursday was $2.03, down from $2.41 at the beginning of March.

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Russia Wages an Oil War Against Saudi Arabia and US Amid Coronavirus Concerns

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Oil prices dropped Monday as Saudi Arabia and Russia haggle over whether to reduce crude production amid fears that coronavirus will hamper air travel and potentially wreck the global economy.

Prices fell into the $30s as the Saudis push for a cut in output to prop up prices, while Russia went the other way, and decided to infuse the market with hundreds of thousands of barrels of oil, according to The Washington Post. Moscow is worried that the U.S. will use shale oil to take advantage if Saudi Arabia ease off production.

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Eight Industries Venezuela Nationalized (Besides Oil)

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Caracas, Venezuela

Venezuela has experienced one of the sharpest economic declines in modern history—rampant inflation, near-famine, and an exodus of millions of asylum seekers. Yet there remains disagreement over what caused it.

Many refuse to blame socialism, instead citing the collapse of oil prices, corruption, its abandonment of democracy, and other factors. If socialism did play a role, it was a small one, says Venezuelan writer Francisco Toro in the Washington Post, citing “a unique mix of circumstances, in which socialism is just one ingredient.”

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Britain Drafts Plans to Sanction Iran Over Tanker Heist

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by Jamie Dettmer   British officials are drawing up plans to target Iran with sanctions for its seizing of a British-flagged oil tanker in the Strait off Hormuz, and it may urge European Union countries to reimpose sanctions that were lifted in 2016 as part of Tehran’s agreement to curb its nuclear program. The British government is under strong pressure from lawmakers to act decisively in the sharply escalating diplomatic quarrel between the two countries, but there’s growing domestic criticism in the House of Commons about the lack of naval protection for British tankers in the Strait. The outgoing British Prime Minister, Theresa May, is being blamed by some parliamentarians and military officials for failing to agree to a system of joint naval patrols the U.S. was urging Britain and other European navies to establish with American forces. Downing Street took the view that if Britain joined an American-proposed “coalition off navies” it would be seen as endorsing President Donald Trump’s hard-line, sanctions-led approach to Iran, say British and U.S. officials. British defense minister Tobias Ellwood told British broadcasters Sunday that Downing Street is is looking at imposing sanctions against Iran over the seizing of the British-flagged and Swedish-owned Stena Impero and its…

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Commentary: Magical Thinking Meets the Inconvenient Realities of the ‘New Energy Economy’

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by Mark P. Mills   A week doesn’t pass without a mayor, governor, policymaker or pundit joining the rush to demand, or predict, an energy future that is entirely based on wind/solar and batteries, freed from the “burden” of the hydrocarbons that have fueled societies for centuries. Regardless of one’s opinion about whether, or why, an energy “transformation” is called for, the physics and economics of energy combined with scale realities make it clear that there is no possibility of anything resembling a radically “new energy economy” in the foreseeable future. Bill Gates has said that when it comes to understanding energy realities “we need to bring math to the problem.” He’s right. So, in my recent Manhattan Institute report, “The New Energy Economy: An Exercise in Magical Thinking,” I did just that. Herein, then, is a summary of some of the bottom-line realities from the underlying math. (See the full report for explanations, documentation, and citations.) Realities About the Scale of Energy Demand 1. Hydrocarbons supply over 80 percent of world energy: If all that were in the form of oil, the barrels would line up from Washington, D.C., to Los Angeles, and that entire line would grow by the…

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More Local Governments in Colorado Pass Moratoriums on Oil and Gas Development Because of New Regulations

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by Derek Draplin   Berthoud and Broomfield are the latest local governments in Colorado to implement a moratorium on oil and gas development following passage of new industry regulations signed into law last month. The Colorado Oil and Gas Conservation Commission, the state’s regulatory body, issued “objective criteria” that will require additional review of drilling permits, potentially delaying development projects across the state. The criteria includes any applications for oil and gas within a municipality, locations within 2,000 feet of a school, locations within 2,000 feet of occupied buildings, and locations within floodplains or water resource areas. COGCC will now be able to use the 16 criteria to delay permit approvals. “The Director [Jeff Robbins] may delay specific permit determinations until the Director is satisfied that the permit complies with the intent of SB 19-181. If the Director determines that a permit meets the intent of SB 19-181, the Director may approve the permit prior to completion of the referenced rulemakings,” guidance on the criteria said. The bill, signed by Gov. Jared Polis last month, changes the commission’s mission to prioritize  environment, health and safety over industry development. The new law also gives local governments more say in regulating the oil and gas industry. Local…

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Oil Markets Shrug Off Venezuela’s Political Unrest Thanks to U.S. Energy Boom

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by Michael Bastach   When Juan Guaido launched his coup attempt, oil markets didn’t do what they typically do in the face of supply threats. Instead, markets largely shrugged off Venezuelan unrest instead of sending prices soaring. That’s because of two factors: mismanagement by Venezuela’s socialist government and the U.S. energy boom. At the turn of the century, Venezuela’s daily oil production was around 3 million barrels per day, but output dramatically declined during the reign of former President Hugo Chavez, a former military officer who took control in 1999. Venezuela sits atop the world’s largest proven oil reserves. “Venezuela’s oil production has collapsed in recent years,” Juan Carlos Hidalgo, a policy analyst at the libertarian Cato Institute who specializes in Latin America, told The Daily Caller News Foundation. “Years of mismanagement, corruption and underinvestment are taking a toll,” Hidalgo said. “Oil has long been a terribly distorting factor in Venezuela’s political system.” Chavez, who essentially ruled as a socialist dictator, took several actions early on that crippled Venezuela’s long-term oil prospects, according to the Council on Foreign Relations, including firing thousands of experiences oil workers and subsidizing oil shipments to Cuba and other countries. Venezuela was also burdened by high inflation, corruption and…

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Gavin Newsom Under Pressure to End Drilling as California’s Reliance on Saudi Oil Soars

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by Michael Bastasch   Environmentalists are optimistic Democratic California Gov. Gavin Newsom will further restrict, or even end, oil and gas drilling, despite his state’s increasing reliance on oil shipped from abroad. So-called “keep it in the ground” activists want to see Newsom ban new oil and gas leases, but anti-fossil fuel groups would also favor larger buffer zones between oil and gas production and buildings, like homes, schools and hospitals. Sierra Club and other activists have met informally with Newsom’s administration to discuss curbing oil production, The Los Angeles Times reported Tuesday. The governor made no promises, but “expectations remain high,” The Times reported. “I’m taking a very pragmatic look at it, in scoping this,” Newsom told The Times in a recent interview. “It’s also an inclusive scoping because it includes people in the industry, that have jobs; communities that are impacted from an environmental justice prism but also from an economic justice prism.” California has 72,000 oil wells and consumes more gasoline than any other state. The oil industry also supports 368,000 jobs in the state, according to the Western States Petroleum Association. Newsom, however, does support moving California to 100 percent renewable energy, which means oil and…

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OPEC Scraps April Meeting but Keeps Oil Cuts in Place

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Reuters   Oil producer group OPEC on Monday scrapped its planned meeting in April and will decide instead whether to extend output cuts in June, once the market has assessed the impact of U.S. sanctions on Iran and the crisis in Venezuela. A ministerial panel of OPEC and its allies recommended that they cancel the extraordinary meeting scheduled for April 17-18 and hold the next regular talks on June 25-26. The energy minister of OPEC’s de facto leader, Saudi Arabia, said the market was looking oversupplied until the end of the year but that April would be too early for any decision on output policy. “The consensus we heard… is that April will be premature to make any production decision for the second half,” the Saudi minister, Khalid al-Falih, said. “As long as the levels of inventories are rising and we are far from normal levels, we will stay the course, guiding the market towards balance,” he added. The United States has been increasing its own oil exports in recent months while imposing sanctions on OPEC members Venezuela and Iran in an effort to reduce those two countries’ shipments to global markets. Washington’s policies have introduced a new level of…

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Nine States Back Environmentalists Trying to Shutdown Search for Oil in Atlantic

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by Tim Pearce   Nine states are intervening in a lawsuit against the Trump administration for approving oil and gas companies to search for oil and gas deposits in the Atlantic Ocean. Maryland Attorney General Brian Frosh announced Thursday the states would join environmental groups in a lawsuit to prevent the Trump administration from allowing seismic testing off the coast of South Carolina. “The National Marine Fisheries Service has issued what are called incidental harassment authorizations. They would, by their own terms, result in harm to hundreds of thousands of whales and dolphins and porpoises,” Frosh said. “The permits eliminate a major obstacle to testing and we content that the authorizations are illegal.” Connecticut, Delaware, Maine, Massachusetts, New Jersey, New York, North Carolina and Virginia accompanied Maryland in intervening in the lawsuit. The NMFS, an agency under the Commerce Department, issued “incidental take” permits Nov. 30 allowing oil and gas companies to conduct the tests. Environmental groups sued the federal government Nov. 11 to prevent the seismic testing, which involves air guns booming in the ocean seconds apart for days at a time. Environmentalists contend the permits violate the Endangered Species Act, the National Environmental Policy Act, the Marine Mammals Protection Act and other regulations. The federal…

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Enviros File Lawsuits to Stop Trump’s Approval of Surveys for Oil Deposits

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by Chris White   Environmental groups are suing to prevent the Trump administration from approving seismic survey testing for oil and gas reserves off the South Carolina coast. Oceana and the Sierra Club argued in legal filings Tuesday that the Commerce Department’s approval of seismic testing violates the Endangered Species Act and the National Environmental Policy Act, among other regulations. “Allowing seismic blasting at this scale in these waters is not consistent with the laws that protect our oceans,” Natural Resources Defense Council Director Michael Jasny noted in a press statement shortly after the lawsuits were announced. Such leases could lead to exploratory drilling for the first time in several years. Acoustic tests involve boats tugging rods pressurized for sound and emitting jet engine-like booms seconds apart for days. The exercise effectively uses reflected seismic waves to measure the Earth’s subsurface, but the technique also poses risks to marine life sensitive to sound waves. Oil producers are supportive of the approval process. The American Petroleum Institute released a Nov. 15 report that shows tapping oil and natural gas reserves in federal waters could be worth $1.5 billion in tax revenue to South Carolina over two decades. Tax revenue from the…

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Docs Suggest a Vendetta Between Two Lawyers Might Be Fueling Climate Crusade

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by Chris White   Two of the attorneys representing various cities in climate litigation against oil companies have a history of suing and counter-suing each other over personal squabbles, according to documents obtained by The Daily Caller News Foundation. Environmental attorneys Vic Sher and Matt Pawa got into a multi-million-dollar legal dispute in 2014 stemming from a lawsuit they both worked on against ExxonMobil. Sher, who was with Sher Leff at the time, alleged Pawa’s group, Pawa Law Group, failed to distribute money from a settlement in the case. Pawa, in turn, argued in a lawsuit that Sher was the one cheating him out of millions of dollars. Sher, who is now with Sher Edling, eventually paid Pawa about $6 million for the retributions, court documents show. The disagreement stems from a lawsuit New Hampshire filed in 2013 alleging Exxon negligently contaminated the state’s water ways with 2 billion gallons of MTBE, a gas additive experts believe poisons drinking water. The intrigue comes amid growing bad blood between the two sides. The state initially sued 26 oil companies in 2003 over the contamination. New Hampshire previously collected over $130 million for MTBE cleanup from the other defendants. The jury eventually awarded the state damages…

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Obama Touts Climate Legacy, Then Takes Credit for US Oil Boom

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by Michael Bastasch   Former President Barack Obama said he was “extraordinarily proud of the Paris accords” before, rather ironically, taking credit for booming U.S. oil and gas production. “I was extraordinarily proud of the Paris accords because — you know, I know we’re in oil country and we need American energy, and by the way, American energy production,” Obama said at an event hosted by Rice University’s Baker Institute on Tuesday night. “You wouldn’t always know it but it went up every year I was president,” Obama said of U.S. oil and gas production. “That whole, suddenly America’s like the biggest oil producer and the biggest gas — that was me, people.” Obama: "Suddenly America is the largest oil producer, that was me people … say thank you." pic.twitter.com/VfQfX1SR0x — Tom Elliott (@tomselliott) November 28, 2018 U.S. oil production nearly doubled between 2009, when Obama took office, to 2016. Natural gas production shot up around 50 percent in that time. However, the boom in production almost exclusively took place on state and private lands where the Obama administration had little to no control. Republicans criticized Obama for lagging oil and gas production on federally-managed lands, which largely stagnated while…

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Trump Approved the First-Ever US Oil Facility in Arctic Waters

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by Tim Pearce   The Department of the Interior approved what could be the first-ever oil and gas production facility in U.S.-controlled Arctic waters Wednesday. Hilcorp Alaska submitted a proposal to build a 9-acre gravel island off the coast of Alaska in the Beaufort Sea. The artificial island, called the Liberty Project, will serve as a well-pad that will support a drilling rig, pipelines and storage facilities similar to other artificial islands in the area. “We’re announcing approval of the Hilcorp Liberty Project, which if completed, will be the first production facility ever located in federal waters off Alaska,” Interior Secretary Ryan Zinke said in a statement. “American energy dominance is good for the economy, the environment, and our national security.” “Responsibly developing our resources, in Alaska especially, will allow us to use our energy diplomatically to aid our allies and check our adversaries,” Zinke added. “That makes America stronger and more influential around the globe.” Environmentalists have been critical of Trump’s energy policies in Alaska and have singled out the Liberty Project as “a big risk.” “Giving us Liberty could give us the death of imperiled whales and polar bears. Conditions in the Arctic are brutal, and a major oil spill…

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‘Not Here, Not Now’: Gov. Brown Signs Bill Blocking Trump’s Offshore Drilling Plan

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Jerry Brown

by Chris White   Gov. Jerry Brown signed a bill Saturday effectively prohibiting new federal offshore oil drilling along California’s coast, and announced that he opposes plans to expand crude exploration on public lands in the state. The legislation he signed blocks the Trump administration’s plan to expand offshore oil drilling through the prohibition on new leases for new construction of oil and gas-related infrastructure, such as oil pipelines. Brown has worked to cultivate a status as one of President Donald Trump’s chief opponents. “Today, California’s message to the Trump administration is simple: Not here, not now,” the Democratic governor noted in a press statement announcing the move. “We will not let the federal government pillage public lands and destroy our treasured coast.” Brown also submitted formal opposition to the Bureau of Land Management’s proposal to open new public land and mineral estates for oil and gas lease sales. His move comes nearly six months after officials on the California Coastal Commission urged the federal Bureau of Ocean Energy Management (BOEM) to rescind plans allowing companies to drill for oil off the coast. “It has been more than twenty years since the Bureau of Land Management last expanded the availability of federal public lands and mineral…

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Police Raid Anti-Pipeline Site, Destroy Their Camp And Send Them Straight To Jail

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pipeline protest camp removed

by Jason Hopkins   Law enforcement ended a lingering standoff with an anti-pipeline camp site, arresting five protesters and destroying all the makeshift homes that were built. Intense opposition has centered around the Trans Mountain pipeline project, an expansion proposal that will ultimately stretch from Alberta to British Columbia’s west coast. Construction workers for Kinder Morgan, North America’s largest infrastructure company, have been subjected to numerous environmental protests as they continue to work on the $7.4 billion-dollar crude oil pipeline. A group of environmental protesters have long congregated in a camp near a Kinder Morgan tank farm in Burnaby, British Columbia. For the past several months, Camp Cloud — the name of the protest camp site — had grown in size. Starting with a single trailer in November, Camp Cloud had grown to include numerous vehicles and trailers, a cabin, an outdoor shower, a two-story wooden “house,” and numerous tents. [ RELATED: Full-Time Work: North Dakota Pipeline Protesters Are Now Protesting In Michigan ] For months, the camp site served as a hub of local protest against the Trans Morgan pipeline. However, law enforcement finally put an end to the camp on Thursday. Workers are bulldozing a two-storey wooden structure at the camp. pic.twitter.com/JQbP7vpQQj —…

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Commentary: President Trump Eyes American Energy Dominance

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by Printus LeBlanc   Despite what the media is spewing, President Donald Trump is continuing his push to improve the American economy. The President made not just energy independence a priority of his campaign and now administration, but energy dominance. The President knows the U.S. has been blessed with vast quantities of energy, but the previous administration spent eight years trying to kill the energy industry and the hundreds of thousands of high paying jobs that go with it. President Trump and Secretary Zinke are taking steps to correct eight years of bureaucratic war waged against the petroleum extract industry. An independent study conducted by Rystad Energy released in 2016 estimates the U.S. now holds more recoverable oil than both Saudi Arabia and Russia. If the report is accurate, it would be worth an estimated $50 trillion. Even if the estimates are off by half, it is still $25 trillion just waiting for U.S. firms to pull out of the ground. Unfortunately, much of that is on federal lands. On June 29, while speaking at the Department of Energy, President Trump outlined six concrete steps his Administration is immediately taking to promote strength and innovation in America’s energy sector. The President’s sixth step…

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