July 21 2016
Quote of the Day:
"Every time we can´t drill a well in America, terrorism is being funded!"
-- energy company executive Harold Hamm last night at the Republican convention
John Merline of Investor's Business Daily drilled down deep to find the quote that was overlooked in all the drama last night.
Hamm founded Continental Resources,the 14th-largest oil company in the country. He is considered the discoverer of the Bakken oil fields of Montana and North Dakota. Economist Stephen Moore has joked that the Bakken field led to the re-election of President Obama, an implacable foe of fracking, because it created so much prosperity. (Hamm is a Trump adviser on economics.)
Merline comments on what Hamm said last night:
In his brief speech Wednesday night, Hamm explained how, despite Obama's efforts to thwart oil and gas production, "foreign oil imports have plummeted by 65%. America now has more oil reserves than Saudi Arabia or Russia. We can double U.S. oil production again and put America in a global league of its own."
Then he went on to talk about Obama's war on oil, which Hillary Clinton has pledged to continue. Then came the knife:
"Every time we can't drill a well in America, terrorism is being funded! Orlando brought this home once again. It's been 15 years since 9/11. We can't ignore this any longer. Climate change isn't our biggest problem -- ?it's Islamic terrorism! Every onerous regulation puts American lives at risk. Developing America's own oil supply is a matter of national security."
Hamm said that when he met Trump a few years ago, "I told him (Bakken) was moving America from energy scarcity to abundance, would change the world forever and could power America to greatness once again. He wrote that down. Donald Trump got it."
Next week, Democrats will no doubt spend a lot of time talking about climate change. What they won't talk about are the political, economic and national security risks of forcing energy companies to keep the nation's abundant oil supplies stuck in the ground.
Of course, fracking isn't the only energy industry the Democrats have it in for. Mrs. Clinton has vowed to put a lot of coal miners out of work. She plans to spend $30 billion in federal dollars to train coal miners for the new jobs to replace the ones she years to destroy.