US economy needs more energy production from federal lands: Harold Hamm

foxbusiness.com:

Continental Resources Chairman Harold Hamm breaks down President Biden's war on fossil fuels on «Kudlow.»

The Biden administration's efforts to restrict oil and gas production on federal lands are hurting the U.S. economy’s growth through inflation and higher energy costs, according to a leader of the American energy renaissance.

Harold Hamm, chairman and founder of Continental Resources and author of the book «Game Changer,» said in a Tuesday appearance on «Kudlow» that the federal government needs to «get on with the permitting» and «We need the moratorium taken off of federal lands, we’ve always developed federal lands.»

«What Biden did when he took all the federal lands – that’s 26% of the U.S. landmass – off the table, and about 35% of the productive capacity. So, they did that, and [what] did it do? You’re an economist – it drove inflation straight up, you know it cost more to consumers,» Hamm told host Larry Kudlow. Hamm's firm pioneered fracking and horizontal drilling, techniques that made the U.S. energy industry more competitive with overseas rivals.

US OIL INDUSTRY GIANT WARNS DEMOCRATS’ GREEN ENERGY PUSH FUELS ‘DOOMED’ ECONOMY

Harold Hamm, chairman and co-founder of Continental Resources, said that the Biden administration needs to let the energy sector produce more oil and gas on federal lands. (Mario Tama/Getty Images / Getty Images)

President Biden signed executive orders shortly after taking office that imposed a moratorium on issuing new oil and gas leases on federal lands and offshore waters. The policy was challenged in court and the administration eventually allowed new leases to be issued under a revised program with higher royalty payments to the government.

The Biden administration also