By Madeline Coggins
Fox Business, Jul 15, 2022
As President Biden meets with Saudi leaders abroad, American oil producers are fighting back against the administration’s war on fossil fuels and advocating for American energy.
Latshaw Drilling President Trent Latshaw and Tall City Exploration President and CEO Mike Oestmann shared their experience in Texas Friday as the oil industry faces production hurdles from Washington, D.C.
“In spite of those attempts to limit supply, we’re doing everything we can to increase our production,” Oestmann told FOX Business’ Lauren Simonetti in Midland. “We’re spending all the money that we make. We’re putting it right back in the ground with the addition of the bank borrowing that we’re doing.”
Since shutting down the Keystone Pipeline, the Biden administration has faced pushback from the industry for making the nation more dependent on foreign oil supplies and forcing a “transition” to green energy.
In an attempt to shift U.S. energy production green, the White House has justified limitations 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 nations have also presented threats to the stability and affordability of oil and gas.
During his trip to the Middle East, Biden plans to discuss “energy security” and increased oil production with 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 out here to Midland, Texas, to talk to us instead of going to Saudi Arabia,” Latshaw said.
Despite a slight drop in the national gas price average, overall inflation has increased since May with the June Consumer Price Index reporting 9.1% inflation.
There is little indication the president will consider opening up domestic energy production in the future, however, as oil producers continue to push back against constraints to meeting production demands.
“So, Mr. President, if you want to talk about increasing oil production, come out here and talk to us because we’re just the industry that can help you out,” Latshaw stated.