Targeting an industry that serves as a country's main economic driver, provides innumerable national security advantages, and creates millions of jobs doesn't make much sense. But that's what's happening here in the United States of America, where climate extremists have a free pass to attack the oil and natural gas industry.
What's most alarming is societal pillars and the Biden Administration have gone right along with their boondoggle. Whether we are talking about the ridiculous financial restrictions imposed from efforts like the ESG movement to recent court rulings saying oil and gas companies are responsible for everything from children's asthma to poor ski conditions to President Biden limiting oil and natural gas exploration to the media vilifying oil and gas producers every chance they get.
Enough is enough.
We need more leaders who are unafraid to speak the truth and stand up in support of an industry that embodies the entrepreneurial American spirit. I know firsthand the positive impacts the oil and natural gas industry provides on a local, national and international level.
In my longtime home of New Mexico, revenue from oil and gas funds the vast majority of the public education budget. In 2021, New Mexico's oil and gas producers provided the state's general fund with more than $5 billion in revenue, with nearly $1.5 billion going directly to fund the state's public education system. In fact, in New Mexico alone, we produce more crude oil than the entire country of Mexico. Imagine how successful we could be without the constant attacks and obstacles the climate change agenda continues to throw at American energy producers.
Nationally, the oil and natural gas industry is responsible for supporting more than 10 million US jobs. These good-paying jobs span from Montana to the Gulf of Mexico, ranging from rig workers and truck drivers to geologists and engineers.
Internationally, American energy producers advance and protect America's national security interests. The push for American energy independence under President Donald Trump has allowed the US to reduce its reliance on energy from antagonistic foreign powers. This has given policymakers increased flexibility in dealing with hostile nations like Iran and Russia.
Unfortunately, the Biden Administration and many critical decision-makers in our media and financial systems have become beholden to the woke demands of a small but vocal minority. Capitulating to these demands has negatively impacted American families and American energy producers while weakening our national security.
The Biden Administration's war on American energy started on Day One of his presidency when he signed executive orders stopping the Keystone XL Pipeline and instituting a moratorium on federal oil and gas leasing. President Biden doubled down on these anti-energy initiatives again with his recent decision to block oil drilling from 10.6 million acres in Alaska and almost 500 square miles in New Mexico.
The impact of these policies has been disastrous. Domestic production has been severely limited, weakening our economic independence, stunting American job growth, and increasing consumer prices. Oil is looking to hit $100 a barrel again. This reality has also empowered our enemies, such as Russia, who have used rising energy prices to fund a war against our ally Ukraine.
Furthermore, the Biden Administration's focus on promoting renewable energy at the expense of oil and gas fails to acknowledge the current reality of our energy infrastructure. We are nowhere near ready to support a renewable-focused energy effort. Has anyone attempted to find a Tesla charger in any rural American community?
Abruptly cutting back on oil and gas production without a viable alternative has jeopardized energy reliability and affordability for American consumers. All you need to do is look at the rolling blackouts happening in California and skyrocketing utility prices.
Lastly, climate activists demand that financial institutions divest from fossil fuel investments, and efforts to restrict funding for fossil fuel projects are curtailing the innovation they seek to achieve. Without sound financial footing, American energy companies are unable to pursue environmentally friendly exploration technologies.
Are there areas for the oil and gas industry to improve? Absolutely.
And so far, many US companies have made concerted efforts to address the criticisms levied against them. Among these are recent efforts to implement carbon-neutral practices. For example, earlier this year, Occidental Petroleum Corp. announced an investment of over $1 billion in a new technology called direct air capture, which pulls CO2 out of the air, as part of its larger climate strategy to reach net-zero emissions on its own use, as well as its customers, by 2050.
But it's not just the majors focused on the industry's climate footprint. The small and mid-level operators are focusing on deploying new technologies like vapor recovery units to capture methane emissions, helping the United States reduce its average methane emissions intensity by nearly 66 percent across all the major oil and gas-producing areas.
Ensuring oil and natural gas exploration operates environmentally consciously is necessary for our country to maximize its natural resources. But we cannot be held hostage by the climate cult and their unrealistic demands.
The oil and natural gas industry provides tremendous economic and societal benefits to the United States, which should be celebrated and protected. I look forward to continuing that effort.
