Trump’s Clear-Eyed, Multifaceted, Fossil Fuel Energy Plan
No sensible person, least of all a president, wants a war. Wars destroy humans, go through gobs of resources, and are wildly unpopular. Should the US be willing to sit back and allow madmen who swear “death to America” and then back up with terrorism to obtain nuclear weapons and the capability to use them?
That the US was in a position to disarm Iran is largely due to the plan President Donald Trump initiated in his first term, when he gained energy independence. Now his administration is turning that independence into energy dominance.
Kimberley Strassel in the WSJ credits Trump’s policies with turbocharging a shale revolution that made the US a net exporter of petroleum products and the world’s largest exporter of natural gas.
Yes, Hormuz is causing angst, grief, and disruption, but as Ms. Strassel notes, that is likely to be short-lived. The US is gaining ground on Iran’s offensive capabilities, which will allow more assets to restore shipping lanes. Secretary Wright coined the phrase short-term pain for long-term gain. He must have thought that up before he came up with this fun plan: pressing the IEA for a year to drop its climate obsessions and get serious about its fossil-fuel mandate. That work is paying off, writes KS.
The US is about to release 172 million barrels, and Ms. Strassel contributes some fun asides.
“Rather than sell it straight (as the Biden team did), Mr. Wright is exchanging it on the market for futures contracts (which are currently betting prices will fall). This means the Strategic Petroleum Reserve will get back 200 million barrels for the price of its 172 million. How refreshing: An energy secretary who understands energy markets.
Sec. Doug Burgum—fresh off expanding a Venezuela-U.S. energy partnership—is flying to Japan to reassure Pacific allies that American export capacity is expanding dramatically. He’s keeping the machinery running to follow through on his promises. Interior this week announced $47 million in bids from a second Gulf of Mexico lease sale. It has issued 6,000 permits for oil and gas leasing in the past year alone—more than the Biden administration did in four years.”
