Sen. Cramer Participates in Energy Roundtable on Expanding Access to Capital with North Dakota Petroleum Council, Minneapolis Fed

Source: United States Senator Kevin Cramer (R-ND)

BISMARCK – U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking Committee and Environment and Public Works Committee, participated in a roundtable discussion hosted by the North Dakota Petroleum Council (NDPC) President Ron Ness on expanding access to capital to ensure American energy security. The roundtable also featured Federal Reserve Bank of Minneapolis President and CEO Neel Kashkari.

“My mission today was simple: foster a discussion on what oil and gas producers and hardworking men and women in the fossil fuel industry need to get North Dakota back to 1.5 million barrels of oil per day? What will it take? We had a great discussion full of sage advice and counsel from Minneapolis Fed President and CEO Kashkari and North Dakota Petroleum Council members today,” said Senator Cramer. “We produce oil and gas in the cleanest and best possible way in the Bakken. The world is watching. What can America do to meet energy demands in a responsible way?”

“It was great to have Senator Cramer and Neel Kashkari speak to our members. World demand for our product is growing, but international investment is down, which presents us with a great opportunity to grow our production here in the U.S. We need to inspire our young people to join the industry and create the workforce necessary to meet demand. We must also inspire investment that we need to grow production, which will help us lead the world in production and ensure security and prosperity here at home,” said NDPC President Ness.

During the roundtable they discussed global market and oil prices, the ongoing labor shortage, permitting challenges, inflation, the need for more midstream infrastructure, and debunked the Biden Administration’s 9000 permits falsehoods.

Senator Cramer also highlighted recent meetings with foreign energy ministers including European Commissioner for Energy Kadri Simson and forthcoming climate disclosure regulations from the Biden Administration’s Securities and Exchange Commission.

Background:

Earlier this week, Senator Cramer penned an op-ed in The Hill on the chilling effect of the Biden Administration’s radical financial nominees and hostility towards fossil fuels on the ability of America to become energy independent once again.

He also joined CNBC’s Squawk Box and Larry Kudlow on Fox Business this week to discuss the Biden Administration’s disastrous energy policy impacting access to capital and energy financing.

“I’ve talked to a number of producers in North Dakota and they’re capital-starved. But if the right messages were being sent to the markets, we could pick up another couple hundred to 400,000 barrels per day. Investors have to get the right message, however, and the Administration is turning to despots in Iran and Venezuela instead,” said Senator Cramer on Squawk Box.

“Even though the President likes to talk about the large number of leases on federal lands out there, the reality is the timeline for getting a permit to drill has increased by multiples. It’s just one more chilling regulatory effect on capital. What we ought to be doing is encouraging production not just with our rhetoric, but with our actions,” said Senator Cramer on Kudlow.