‘We don’t need windmills thick as hair on a dog’s back all over the country like in western Oklahoma.’
That is Harold Hamm, Continental Resources Inc. founder and longtime political ally of President Donald Trump, taking issue with subsidies for renewable energy in an interview with CNBC on Tuesday.
Hamm argued that inroads by renewable energy sources in power generation have come largely due to large-scale subsidies, while denying that the oil-and-gas business has benefited from government support. Hamm in the past has argued that tax incentives aimed at encouraging exploration aren’t subsidies according to MarketWatch.
Hamm faced pushback on that assertion, as well as on his prediction that gasoline prices could soar to $6 a gallon if Democratic challenger Joe Biden defeats President Donald Trump in the presidential election on Nov. 3.
Hamm charged that a Biden administration would move to ban fracking and eliminate fossil fuels, dismissing remarks to the contrary by Biden and Sen. Kamala Harris of California, the Democratic vice presidential nominee. Harris, in last week’s vice presidential debate, said: “I will repeat, and the American people know, that Joe Biden will not ban fracking. That is a fact.”
Biden, in a March Democratic primary debate, said, “No more — no new fracking,” after then-rival Bernie Sanders said he would ban the practice to combat climate change, according to Reuters. Biden’s campaign said former vice president meant he wouldn’t allow new leases for drilling on federal land.
Source: MarketWatch