WASHINGTON – U.S. Senator Kevin Cramer (R-ND), a member of the Senate Environment and Public Works (EPW) Committee, recently engaged in a discussion with Larry Kudlow on Fox Business, addressing expectations for the upcoming Organization of the Petroleum Exporting Countries (OPEC) meeting.
In addition to OPEC matters, the conversation delved into the development of rare earth minerals and the prospects for the United States to boost domestic energy production and mining.
Views on Electric Vehicle Sales:
Senator Cramer expressed skepticism about heavily subsidized markets with mandates, producing products that lack consumer demand. He highlighted concerns about manipulating the market and supply through artificial demand, emphasizing the role of the market in determining genuine demand. Cramer noted that while such ventures might generate short-term jobs, sustained consumer interest is essential for long-term success.
Anticipating OPEC+ Meeting Outcomes:
Cramer shared insights into his expectations for the OPEC+ meeting, suggesting that indications point towards maintaining the status quo or even reducing production. He noted that recent drops in oil prices initially anticipated an increase in OPEC production. Cramer questioned why, with abundant domestic resources, the U.S. does not play a more decisive role in determining global oil prices. He emphasized the potential for the U.S., with substantial oil reserves, to influence prices independently of OPEC+ decisions.
Calls for Greater U.S. Influence in Global Oil Markets:
Highlighting the considerable oil resources in places like the Bakken and the Eagle Ford, and with a significant portion of oil production occurring on federal lands, Cramer questioned why the U.S. isn’t exerting more influence on global oil prices. He advocated for increased domestic production and cleaner exportation, positioning the U.S. as less vulnerable to the influence of OPEC+ decisions.
Promoting Domestic Production of Vehicles and Minerals:
Senator Cramer stressed the importance of boosting domestic production of combustion engine vehicles, emphasizing cleaner production methods. He connected this idea to the recent discovery of rare earth elements in Wyoming and similar findings in North Dakota and Minnesota. Cramer criticized the Biden administration’s reluctance to support domestic mining of these resources, citing concerns about continued dependence on foreign adversaries, particularly China.
The discussion underscored Senator Cramer’s advocacy for enhancing U.S. influence in global oil markets, promoting domestic energy production, and addressing concerns about rare earth element dependency on foreign sources.