Economist Discusses Domestic Oil Production on Fox Business

On Tuesday, economist Steve Moore appeared on Fox Business to emphasize the necessity of increasing domestic oil and gas production in the United States. He highlighted a recent executive order by President Donald Trump, which aims to promote energy independence and establish the U.S. as a global leader in energy by offering a decade-long lease for oil and gas production.

While on “The Bottom Line,” Moore expressed that if Trump’s energy initiatives are successful, the U.S. could significantly reduce its dependence on foreign oil sources. He stated, “If Trump moves forward with his plans and gets full support from our energy secretary, we’ll boost our local oil and gas production from states like Texas, North Dakota, and Oklahoma. No longer would we be hostage to the situation in the Middle East.” He conveyed a sense of frustration about the U.S.’s vast energy potential being underutilized.

Moore subsequently critiqued some early actions taken by former President Joe Biden, notably the cancellation of a major pipeline project, which he argued has left the U.S. exposed to outside energy crises. He remarked, “We shouldn’t have to rely heavily on strategic oil reserves; while it’s a good fallback plan, it indicates a lack of robust infrastructure. Remember, one of Biden’s first actions was canceling the pipeline and undermining our energy framework.”

During his first term, Trump had signed an executive order geared towards advancing the Keystone XL pipeline, which was aimed at transporting oil from Canada to refineries in the Gulf. Biden’s cancellation of the project occurred on his first day in office, effectively halting its progress.