Continental Resources Inc. founder and CEO Harold Hamm is expected to testify Thursday morning before a House subcommittee in Washington, D.C.
Hamm plans to talk about the potential for North American energy independence, opening up federal lands to oil and gas drilling and the importance of tax credits for the oil and gas industry, according to his prepared testimony.
I am excited about our energy future and therefore our economic future. But I am equally concerned about federal policies that could cost us that future.
Just a few years ago, America was importing 60 percent of its oil. But with technological advances in horizontal drilling over the last 15 years, we now import less than 45 percent of our oil. Just a few years ago we estimated our nation’s natural gas reserves at seven years. We now have natural gas reserves of over a century. With this extraordinary advance in technology we can now access the immobile oil and natural gas of the world. Previously to this point we were only able to produce the world’s mobile oil and natural gas. There is about 1/3 more immobile oil and natural gas than the mobile oil and gas we have produced for over a century. The technology that allows us to drill two miles down, turn right, go another two miles and hit a target the size of a lapel pin has unlocked the resources that make energy independence a reality.
This paradigm shift in American oil and gas exploration brings with it high-paying jobs, increased tax revenues and economic growth, while lessening our dependence on foreign oil.
Hamm also serves as the head of energy advisory committee for GOP presidential candidate Mitt Romney, whose energy plan touches on similar subjects as Hamm’s prepared remarks. But Hamm emphasizes in his testimony he’s there as a private citizen:
But I am not here representing Continental Resources, any political campaign or political party. I am here as an American patriot that loves my country and a person that is grateful for the opportunities I have been given by being an American. Only in America can the thirteenth child of a sharecropper turn a one-man, one-pump-truck operation into one of the nation’s largest oil companies.
Meanwhile, the folks at the Think Progress environmental blog have several hypothetical questions for Hamm ahead of his testimony. They are skeptical of the claims of energy independence and want more details on which federal lands might be opened for oil and gas exploration.
In his hearing testimony, Hamm supports opening federal lands and offshore areas for drilling, but claims it “would impact my company very little” because “we mainly work on private lands.” But Hamm holds a number of permits to drill on public lands, including recent permits for Montana and North Dakota. Romney’s plan would likely boost Hamm’s profits, but potentially at the risk of Americans’ national parks.