Oil magnate Harold Hamm praises Trump’s Strategic Petroleum Reserve plan

An American businessman in the oil and gas industry praised the latest step taken by the Trump administration to strengthen US energy independence and strengthen national security.

“This is a good start, with the President agreeing to start filling the void [Strategic Petroleum Reserve]. But prices, of course, are kind of at the bottom of the barrel, as we say, commodity prices are at rock bottom. It’s definitely a good time to buy this cheaper product and refill [the] SPR is with her,” Continental Resources founder and CEO Harold Hamm said on “Mornings with Maria” on Friday.

He added: “China has refilled their stocks. They are refilling them by up to 1.1 billion barrels, while we have about 400 million.” “So we need to refill it. The timing is right. The president is energized and realizes, certainly, that this is the right thing to do.”

Experts say the energy abundance will rebalance America as demand reaches record levels nationwide

The US Department of Energy announced on Tuesday that it will purchase 1 million barrels of crude oil to replenish the Strategic Petroleum Reserve – America’s emergency stockpile of oil.

Reuters reported that the Biden administration sold record amounts of oil from the Strategic Petroleum Reserve — including the sale of 180 million barrels after Russia invaded Ukraine in 2022. The reserve has a capacity of 700 million barrels and currently stands at about 409 million.

“We started with the Biden administration,” Hamm said. “The first thing he said was he was going to stop oil and gas production. He was going to kill the industry. That’s what he was going to do. And it was a terrible policy, and it certainly didn’t work for him at all. And so with this administration, it’s completely different.”

He continued: “I think we have seen in many places in the world, especially recently, whether you are talking about gas in Europe or vital minerals with China, that energy security and national security are linked.”

“The United States is blessed with an abundance of natural resources, and we now have an administration that wants to see the energy industry invest in those resources to ensure that America’s energy strength translates into economic strength, competitiveness, and, most importantly, security.”

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Looking to the future, Hamm warned that demand for oil may soon outstrip sustainable supply.

“In about 18 months, that excess supply will disappear. And then we need to watch out for some price shocks after that point. Once demand outpaces supply, that’s when those things start to happen,” the business leader warned. “So we must have an energy industry in this country. Energy independence is very important to us.”

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