As President Biden meets Saudi Arabia leaders to discuss ‘energy security, US oil producers are fighting against the administration’s war on fossil fuels and advocating for US energy.
Trent Latshaw, president of Latshaw Drilling, and Mike Ostman, president, and CEO of Tall City Exploration, shared their experience in Texas on Friday as the oil industry faces production bottlenecks from Washington, DC.
“Despite those efforts to limit supply, we are doing everything we can to increase our production,” Ostman told Fox Business’ Lauren Simonetti in Midland. “We’re spending all the money we earn. We’re putting back what we’re doing in addition to bank lending.”
Since closing the Keystone pipeline, the Biden administration has faced backlash from industry for making the country more dependent on foreign oil supplies and forcing a “transition” to green energy.
According to Fox Business, in an effort to shift US energy production to the green, the White House has justified limits on oil production, drilling, and fracking despite the negative impact on gas prices as well as the overall economy.
The war in Ukraine and tensions with oil-producing countries have also threatened the stability and affordability of oil and gas.
During his visit to the Middle East, Biden plans to discuss “energy security” and increased oil production with the Saudi leadership. Opponents have criticized the president for looking to foreign oil instead of promoting American energy independence.
“I think the president could have saved a lot of time and taxpayer dollars and come to Midland, Texas to talk to us instead of going to Saudi Arabia,” Latshaw said.
Despite a slight fall in the national gas price average, overall inflation has picked up since May, with the June Consumer Price Index registering 9.1% inflation.
There is little indication that the president will consider opening up to domestic energy production in the future, however, as oil producers continue to back down against the odds to meet production demands.
“So, Mr President, if you want to talk about increasing oil production, come out here and talk to us because we’re the only industry that can help you,” Latshaw said.
