American shale producers are under pressure due to oil prices between $60 and $70. CEOs are speaking out more and more about taking the brunt of the suffering. However, US Interior Secretary Doug Burgum, who chairs the National Energy Dominance Council under President Donald Trump, is unconcerned.
Speaking on On The Record with Hadley Gamble, Mr. Burgum states: “We’re helping them in two ways: we’re lowering their break-even point by reducing the red tape, and we’re driving up domestic demand because of all the AI factories and because we’re going to be producing more electricity.
Mr. Burgum claims that in an attempt to capitalize on the “tech guys” driving the demand, the US is working “gangbusters” to catch up to China, which is producing power at a rapid pace.
Electricity is currently the largest problem we have. Mr. Burgum asserts, “We don’t have enough electricity to win the AI race.” “The tech guys… are on their way to becoming the world’s largest energy consumers.” It will only become larger.
He cites this as the reason he is still “bullish on the energy business,” even if the market’s excess of oil is driving down prices and there is concern about how the US will provide Europe’s energy requirements.
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