Daily Caller
Trump’s ‘Drill, Baby, Drill’ Agenda Will Likely Take On An Entirely New Shape
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From the Daily Caller News Foundation
By David Blackmon
During his campaign and since taking office, President Donald Trump often repeated his desire to bring back the same “drill, baby, drill” oil and gas agenda that characterized his first term in office.
But that term began 8 long years ago and much has changed in the domestic oil business since then. Current market realities are likely to mitigate the industry’s response to Trump’s easing of the Biden administration’s efforts to restrict its activities.
Trump’s second term begins as the upstream segment of the industry has enjoyed three years of strong profitability and overall production growth by employing a strategy of capital discipline, technology deployment and the capture of economies of scale in the nation’s big shale play areas. Companies like, say, ExxonMobil and Oxy and their peers are unlikely to respond to the easing of government regulations by discarding these strategies that have brought such financial success in favor of moving into a new drilling boom.
This bias in favor of maintenance of the status quo is especially likely given that the big shale plays in the Permian Basin, Eagle Ford Shale, Bakken Shale, Haynesville and the Marcellus/Utica region have all advanced into the long-term development phases of the natural life cycle typical of every oil and gas resource play over the past 175 years. Absent the discovery of major new shale or other types of oil-or-natural gas-bearing formations, a new drilling boom seems quite unlikely under any circumstances.
One market factor that could result in a somewhat higher active rig count would be a sudden rise in crude oil prices, if it appears likely to last for a long period of time. Companies like Exxon, Chevron, Oxy and Diamondback Energy certainly have the capability to quickly activate a significant number of additional rigs to take advantage of long-term higher prices.
But crude prices are set on a global market, and that market has appeared over-supplied in recent months with little reason to believe the supply/demand equation will change significantly in the near future. Indeed, the OPEC+ cartel has been forced to postpone planned production increases several times over the past 12 months as an over-supplied market has caused prices to hover well below the group’s target price.
But it is wrong to think the domestic oil industry will not respond in any way to Trump’s efforts to remove Biden’s artificial roadblocks to energy progress. Trump’s efforts to speed up permitting for energy projects of all kinds are likely to result in a significant build-out of much-needed new natural gas pipeline capacity, natural gas power generation plants and new LNG export terminals and supporting infrastructure.
Instead of another four years of “drill, baby, drill,” the Trump efforts to speed energy development seem certain to result in four years of a “build, baby, build” boom.
Indeed, the industry is already responding in a big way in the LNG export sector of the business. During Trump’s first week in office, LNG exporter Venture Global launched what is the largest energy IPO by value in U.S. history, going public with a total market cap of $65 billion.
With five separate export projects currently in various stages of development, all in South Louisiana, Venture Global plans to become a major player in one of America’s major growth industries in the coming years. Trump’s Day 1 reversal of Biden’s senseless permitting pause on LNG infrastructure is likely to kick of a number of additional LNG projects by other operators.
The Trump effect took hold even before he took office when the Alaska Gasline Development Corporation entered into an exclusive agreement in early January with developer Glenfarne to advance the $44 billion Alaska LNG project. The aim is to start to deliver gas in 2031, with LNG exports following shortly thereafter.
America’s oil and gas industry has demonstrated it can consistently grow overall production to new records even with a falling rig count in recent years. Now it must grow its related infrastructure to account for the rising production.
That’s why Trump’s “drill, baby, drill” mantra is likely to transform into “build, baby, build” in the months and years to come.
David Blackmon is an energy writer and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
conflict
White House diplomatic brawl: Trump, Vance tell Zelenskyy he’s “gambling with WWIII” in tense exchange
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From the Daily Caller News Foundation
By Nicole Silverio
President Donald Trump and Vice President J.D. Vance duked it out with Ukrainian President Volodymyr Zelenskyy Friday after he openly criticized the U.S. for not having stopped Russian President Vladimir Putin.
Trump said he is not siding with either Putin or Zelenskyy but is determined to negotiate a deal to end the war, while Vance argued that the current administration is “engaging in diplomacy.” Zelenskyy argued that the U.S. has failed to stop Putin and challenged Vance’s argument that the nation is engaging in “diplomacy.”
“During 2015, nobody stopped [Putin]. He just occupied them too. He killed people,” Zelenskyy said. “[Throughout] 2014 and 2022, the situation [was] the same. People have been dying on the content line, nobody stopped him … He broke this ceasefire. He killed our people and he didn’t exchange prisoners. We signed the exchange of prisoners. But he didn’t do it. What kind of diplomacy, J.D., are you speaking about? What do you mean?”
“I’m talking about the kind of diplomacy that’s going to end the destruction of your country,” Vance said. “Mr. President, Mr. President, with respect, I think it’s disrespectful for you to come into the Oval Office and try to litigate this in front of the American media. Right now, you guys are going around and forcing conscripts to the front lines because you have manpower problems. You should be thanking the president for trying to bring an end to this conflict … I have actually watched and seen the stories and I know what happens, you bring people, you bring them on a propaganda tour, Mr. President, do you disagree that you’ve had problems bringing people into your military? And do you think it’s disrespectful to come to the Oval Office of the United States of America and attack the administration that is trying to prevent the destruction of your country.”
WATCH:
Trump told Zelenskyy point-blank that he was “disrespecting” the U.S. and had “no position” to be critical of the nation given that he is at war.
“We’re trying to solve a problem, don’t tell us what we’re going to feel,” Trump told Zelenskyy. “Because you’re in no position to dictate that, remember that. You’re in no position to dictate what we’re going to feel. We’re going to feel very good and very strong. You’re right now not in a very good position … You don’t have the cards right now. With us, you’ll have the cards. You’re playing cards. You’re gambling with a lot of lives and millions of people. You’re gambling with World War III, you’re gambling with World War III and what you’re doing is very disrespectful to this country. It’s backed you far more than a lot people say it should have.”
“Have you said thank you once?” Vance then asked, prompting Zelenskyy to claim he had. “No, in this entire meeting, have you said thank you? You went to Pennsylvania and campaigned for the opposition in October. Offer some words of appreciation for the United States of America and to the president who’s trying to save your country.”
Zelenskyy accused Vance of “speaking very loudly about the war,” and argued his nation has “stayed strong” throughout the conflict. Trump reminded the Ukrainian president that the Ukrainians have persisted against Russia since 2022 because the U.S. generously sent the nation its military equipment and spent billions of taxpayer dollars to help them fight the war.
Vance told Zelenskyy that they should “litigate [their] disagreements” rather than him traveling to the U.S. to call out the nation’s leaders.
After the explosive exchange, the scheduled joint press conference between Trump and Zelenskyy had been canceled. The White House told the Daily Caller that Trump asked Zelenskyy to leave the White House over the incident.
The president said in a Truth Social post that Zelenskyy “is not ready for peace” because U.S. involvement grants him a “big advantage in negotiations.”
“We had a very meaningful meeting in the White House today,” Trump said. “Much was learned that could never be understood without conversation under such fire and pressure. It’s amazing what comes out through emotion, and I have determined that President Zelenskyy is not ready for Peace if America is involved, because he feels our involvement gives him a big advantage in negotiations. I don’t want advantage, I want PEACE. He disrespected the United States of America in its cherished Oval Office. He can come back when he is ready for Peace.”
The U.S. and Ukraine had finalized a deal for mineral extraction and had planned to sign the agreement at the White House. No deals will be signed as of Friday.
Business
‘Dark Truth’ Of USAID: House Lawmakers Spotlight Biden’s Foreign Aid Abuses In Fiery Oversight Hearing
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From the Daily Caller News Foundation
By Adam Pack
House Republicans zeroed in on the Biden administration’s use of foreign aid to bankroll left-wing causes that undermine American interests across the world in a heated oversight hearing Wednesday.
House Republicans, led by Delivering on Government Efficiency (DOGE) Subcommittee chairwoman Marjorie Taylor Greene, sought testimony from experts to outline how the United States Agency for International Development (USAID) advanced a left-wing policy agenda during the Biden administration that in turn alienated U.S. allies and made the world less safe for Americans. Democratic lawmakers struggled to defend the worst abuses of USAID funding, such as pushing far-left ideologies on countries with conservative cultures and indirectly financing terrorist groups.
House Oversight Republicans’ hearing on foreign aid comes after President Donald Trump’s Department of Government Efficiency has effectively dismantled USAID and left its future in limbo. Secretary of State Marco Rubio announced Wednesday the Trump administration cut roughly $60 billion in USAID and State Department grants and multi-year awards that it determined did not align with American interests.
Greene also said the DOGE Subcommittee will consider recommending investigations and criminal referrals to those it believes have abused foreign aid. The subcommittee is expected to release a post-hearing review on USAID’s foreign aid abuses next week.
“USAID has been transformed into an America-last foreign aid slush fund to prop up extremist groups, implement censorship campaigns and interfere in foreign elections to force regime change around the world,” Greene said in her opening remarks. “That is the dark truth about USAID.”
“Taxpayer funds have literally been used to undermine U.S. interests and counter American foreign policy goals under the guise of foreign aid,” Greene continued. “This is unacceptable, and the American people agree.”
More than 60% of Americans believe that U.S. foreign aid is being “wasted on corruption or administration fees,” according to a survey published by the Financial Times on Feb. 17.
Democrats appeared unable to confront the worst USAID abuses that occurred under Biden, and at times, sought to deflect attention to unrelated topics.
After Greene outlined how USAID funding had been funneled to terrorist groups, Democratic New Mexico Rep. Melanie Stansbury, the top Democratic lawmaker on the subcommittee, began her opening remarks with the statement, “Welcome to the Elon Musk chainsaw massacre.”
Stansbury then proceeded to rail against Musk for weighing into Germany’s recent parliamentary elections, Vice President J.D. Vance scolding European elites for abandoning core civil liberties and the president’s recent comments on the Russia-Ukraine War.
Democratic lawmakers’ witness Noam Unger, director of the Sustainable Development and Resilience Initiative at the Center for Strategic and International Studies, struggled to answer a question posed by Texas Republican Rep. Brandon Gill if spending more than $3 million “for being LGBTQ” in the Caribbean aligned with American values.
Stansbury and other Democratic lawmakers on the panel appeared to have learned few lessons about USAID’s abuses. Stansbury notably defended former USAID director Samantha Power’s push to turn the department into a de-facto “climate agency” and attempted to get the experts testifying to agree that USAID should continue to push LGBTQ rights on the rest of the world.
“If we want to do counter China, there’s nothing more that has alienated billions of people than pushing an ideology that they resent,” Max Primorac, who served as USAID’s acting chief operating officer, senior agency vetting official and regulatory reform officer in the first Trump administration, told Stansbury in response. “None of this is counter China. This is counter America.”
“A resounding ‘yes’ that foreign aid can be a powerful tool of diplomacy to promote freedom, prosperity and peace in accordance with our national interest and our values, but not as an instrument of progressive imperialism,” Primorac continued. “Aid officials must ensure that every single foreign aid program can pass the Middle America smell test on waste, fraud and abuse.”
Primorac previously told the Daily Caller that USAID’s left-wing agenda under former President Joe Biden weakened the United States’ influence abroad.
Experts also tore into the Biden administration’s use of foreign aid for damaging the United States’ standing in the world. Biden notably left office with an increasingly unstable world stage, with ongoing wars in Europe and the Middle East.
“It [USAID] has been doing harm while spending more on aid,” Primorac told lawmakers.
“There is more world poverty and hunger today, more political instability, and developing countries are more beholden to our adversaries.”
“The fiduciary duty of our aid officials over the past four years has done tremendous damage to foreign aid’s credibility and America’s standing in the world,” Primorac continued.
Despite Trump moving to cut the vast majority of USAID contracts and shut down the agency, most lawmakers on the panel — Republican and Democrat — still believe the U.S. government should be doling out some foreign aid to counter China’s influence in developing countries and provide relief in humanitarian crises. But foreign aid practices must align with American interests as outlined in the president’s executive order on foreign aid, according to Republican lawmakers.
“That’s just hyperbolic nonsense that we do not recognize that there’s a role to play for the United States in the federal aid space,” Republican Texas Rep. Pat Fallon said Wednesday. “But what we want to expose is $164 million going to radical organizations — $122 million of it to organizations that have aligned, or at least tied to terrorism.”
A DCNF analysis found that more than $1.3 billion taxpayer dollars doled out by the Biden administration ended up in terrorist groups’ coffers.
The hearing was disrupted on two occasions by left-wing protestors in the crowd. An elderly woman was removed after making an “obscene gesture” to an unnamed lawmaker while South Carolina Republican Rep. William Timmons spoke. Another person attending the hearing was promptly removed by police after shouting at lawmakers to stop DOGE.
Greene told the crowd that private individuals, including those in the crowd, were free to fund far-left causes around the world, but no longer would the government be bankrolling left-wing activism on the taxpayer’s dime.
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