The Trump administration is looking to open almost the entire U.S. coastline to oil and gas drilling. The Interior Department on Thursday released a plan that would let the government offer 47 leases for oil drilling rights on the U.S. coastline. The areas would include the outer continental shelf, Pacific waters close to California and Atlantic waters near Maine.
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Canary CEO Dan Eberhart on Monday said the Trump administration’s proposal will ultimately lead to America buying less foreign oil, which in turn will stimulate job growth.
“I think in the long term if there is more production, the oil consumption is going to be needed anyway. I think what it leads to is America buying less foreign oil and more domestic oil, which contributes to domestic jobs and our national security,” he told FOX Business’ Liz Claman on “Countdown to the Closing Bell.”
Claman pushed back on Eberhart’s optimistic attitude and questioned whether having too much of an oil supply will cause oil prices to drop and force companies to fold.
“In the long term, if we provide more drilling opportunities in the U.S., the oil industry will find an efficient way to do that and a way to do that in a profitable way that produces returns for shareholders, otherwise it won’t get drilled,” he said.
A plethora of governors across the U.S. have already spoken out against the proposal, including Republican Gov. Rick Scott (R-FL), who according to the Washington Examiner is looking to meet with Interior Secretary Ryan Zinke to discuss his concerns with the plan.
Eberhart acknowledged that there will most likely be more pushback against the proposal, which could undergo changes before being passed into law.
“I think there is going to be a lot of pushback. I think there has been some pushback from different governors. Ultimately this is a draft proposed plan, and I think the plan will get changed a little bit that works its way through the system,” he said.