It also predicts foreign oil imports would increase and that U.S. consumers could pay substantially more for the energy they consume.
Hamm warns of consequences
Harold Hamm, the executive chairman of Oklahoma City-based Continental Resources, is visiting with reporters across the country to discuss how he believes Biden’s proposal could harm the nation’s domestic energy industry.
He told The Oklahoman that while predicted production cuts could help commodity values, he feared resulting job cuts, the loss of economic activity and other factors could throw the nation into a full-fledged depression.
While the Biden campaign has temporized its plans related to climate change and the environment as the election approaches, Hamm said its ultimate goal remains unchanged.
“What they are really talking about is shutting down horizontal drilling across the country,” he said, noting the industry expects it would see a return to what it experienced under President Obama’s administration, which did what it could administratively to slow development of oil and gas leases involving federal lands.
“We called it a death of 1,000 cuts,” Hamm said. “Under Biden, we would go right back to an environment of scarcity of resources, rather than the abundance of resources the industry has developed under the Trump administration.”
He also criticized Biden for his vote as a congressman to support the Fuel Use Act of 1978, a law that required that any new power plants built in the U.S. to supply base loads of electricity using coal (estimates at the time predicted the U.S. was rapidly using up its remaining oil and natural gas reserves).