Commodities and Futures News

Trump nominee for Interior backs full-throttle drilling on federal lands

2025.01.16 07:07

(Reuters) – President-elect Donald Trump’s pick for secretary of the interior, Doug Burgum, will tell lawmakers during his nomination hearing on Thursday that he will vigorously pursue Trump’s goals of maximizing energy production from America’s public lands and waters, calling it key to national security.

The comments signal a coming sharp turn in policy after President Joe Biden attempted for years to restrict oil and gas drilling by reducing federal lease auctions and banning future development in vast areas of federal offshore waters as part of a strategy to fight climate change.

“Today, America produces energy cleaner, smarter and safer than anywhere in the world. When energy production is restricted in America, it doesn’t reduce demand, it just shifts production to countries like Russia, Venezuela, and Iran – whose autocratic leaders don’t care about the environment,” Burgum will tell lawmakers, according to his prepared remarks.

He will say maximizing energy output can lower consumer prices, and can be done while ensuring clean air and water.

The Interior Department oversees millions of acres of lands and offshore waters stretching from the Arctic to the Gulf of Mexico, and leases out parcels for drilling operations that now produce around a quarter of the nation’s oil and gas output.

The United States is already the world’s top oil and gas producer thanks to a years-long drilling boom mainly on private lands in Texas and New Mexico fueled by improved technology and strong world demand since Russia’s invasion of Ukraine.

© Reuters. FILE PHOTO: North Dakota Governor Doug Burgum speaks in the spin room, ahead of the debate between Republican presidential nominee and former U.S. President Donald Trump and Democratic presidential nominee and U.S. Vice President Kamala Harris, in Philadelphia, Pennsylvania, U.S., September 10, 2024. REUTERS/Evelyn Hockstein/File Photo

Burgum, who served as governor of North Dakota – another major oil producer state – is also being considered to head a new national energy council to coordinate policies to boost U.S. energy production after Trump takes office on Jan. 20.

North Dakota ranks third among U.S. states, after Texas and New Mexico, in reserves and production, according to the U.S. Energy Information Administration.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 94,603.35 1.17%
ethereum
Ethereum (ETH) $ 2,666.28 4.87%
tether
Tether (USDT) $ 1.00 0.01%
xrp
XRP (XRP) $ 2.44 4.52%
bnb
BNB (BNB) $ 636.25 2.68%
solana
Solana (SOL) $ 153.52 9.13%
usd-coin
USDC (USDC) $ 1.00 0.01%
dogecoin
Dogecoin (DOGE) $ 0.226208 7.08%
cardano
Cardano (ADA) $ 0.719867 6.60%
staked-ether
Lido Staked Ether (STETH) $ 2,661.45 4.72%
tron
TRON (TRX) $ 0.245559 0.95%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 94,516.32 1.22%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,177.80 4.91%
chainlink
Chainlink (LINK) $ 16.31 7.68%
stellar
Stellar (XLM) $ 0.316672 3.73%
avalanche-2
Avalanche (AVAX) $ 23.26 6.32%
sui
Sui (SUI) $ 3.04 8.59%
litecoin
Litecoin (LTC) $ 122.31 5.18%
hedera-hashgraph
Hedera (HBAR) $ 0.216765 3.11%
the-open-network
Toncoin (TON) $ 3.59 4.79%
leo-token
LEO Token (LEO) $ 9.33 4.42%
usds
USDS (USDS) $ 1.00 0.50%
shiba-inu
Shiba Inu (SHIB) $ 0.000014 6.65%
mantra-dao
MANTRA (OM) $ 8.26 1.86%
weth
WETH (WETH) $ 2,665.27 4.93%
polkadot
Polkadot (DOT) $ 4.67 6.70%
hyperliquid
Hyperliquid (HYPE) $ 21.06 10.68%
bitcoin-cash
Bitcoin Cash (BCH) $ 308.16 5.18%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
bitget-token
Bitget Token (BGB) $ 4.78 4.33%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,823.56 4.99%
uniswap
Uniswap (UNI) $ 8.39 7.32%
monero
Monero (XMR) $ 233.07 0.34%
whitebit
WhiteBIT Coin (WBT) $ 27.42 0.06%
near
NEAR Protocol (NEAR) $ 3.30 2.59%
bittensor
Bittensor (TAO) $ 436.74 3.35%
pepe
Pepe (PEPE) $ 0.000009 6.98%
aave
Aave (AAVE) $ 231.82 6.25%
dai
Dai (DAI) $ 0.99924 0.04%
aptos
Aptos (APT) $ 5.70 7.71%
ondo-finance
Ondo (ONDO) $ 1.06 6.63%
internet-computer
Internet Computer (ICP) $ 6.74 4.70%
susds
sUSDS (SUSDS) $ 1.04 0.09%
tokenize-xchange
Tokenize Xchange (TKX) $ 37.50 1.13%
official-trump
Official Trump (TRUMP) $ 14.86 7.45%
ethereum-classic
Ethereum Classic (ETC) $ 19.55 5.60%
mantle
Mantle (MNT) $ 0.850158 7.46%
okb
OKB (OKB) $ 46.87 4.87%
gatechain-token
Gate (GT) $ 22.28 4.47%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 94,704.37 1.11%