Doug Burgum, the Interior Secretary and leader of the National Energy Dominance Council, has sent a strong message to the oil and gas industry. During his recent appearance at the CERAWeek by S&P Global conference, Burgum expressed his unwavering support for the sector, viewing companies developing resources on federal lands as "customers." He believes that the royalties from these lease agreements will play a crucial role in reducing the nation's $36 trillion debt and balancing the U.S. budget. Burgum, who previously served as governor of North Dakota—a state producing 1.2 million barrels of oil per day—delivered remarks that praised the industry.
Burgum emphasized his belief that the value of America's abundant natural resources significantly outweighs its national debt. He argued that if financial markets recognized this value, the long-term interest rates would decrease, thereby easing one of the country's biggest financial burdens.
"The interest rates right now are one of the biggest expenses we have as a country," he stated during his address.
He articulated his vision for unleashing America's economic potential through energy production, crediting President Trump for aiding in this effort.
"So one of the things that we have to do is unleash America's balance sheet, and President Trump is helping us do that," he added.
The Interior Secretary's comments at the conference were also marked by his critique of the current administration's climate change policies. He described these as an "ideology" and dismissed climate change as a non-existential threat. Instead, Burgum pointed to what he considers more pressing existential challenges: Iran's pursuit of nuclear capabilities and China's leadership in artificial intelligence.
Burgum expressed skepticism about renewable energy sources meeting future demands, particularly with advancements in artificial intelligence and re-industrialization on the horizon. He questioned whether wind and solar could suffice in addressing these increasing energy needs.
In his praise for the oil and gas industry, Burgum expressed gratitude often absent in recent federal discourse.
"I'm going to share two words that I do not think that you have heard from a federal official in the Biden administration during the last four years. And those two words are thank you," Burgum remarked.
His experience as a former software company executive before entering politics adds a unique perspective to his views on technology and energy policy. He sees potential threats not only in geopolitical dynamics but also in technological races.
Burgum's approach contrasts sharply with other voices calling for a balanced discussion on energy that includes environmental considerations alongside affordability and reliability. Chris Wright, another speaker at the conference, emphasized this need for balance.
"For years, my message has been, we need a balanced conversation about affordability, reliability and the environment, and focusing only on climate leads us to ignore the first two," said Chris Wright.