Sen. Cramer Discusses OPEC Meeting, Unleashing Domestic Energy Production on Fox Business

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WASHINGTON – U.S. Senator Kevin Cramer (R-ND), member of the Senate Environment and Public Works (EPW) Committee, joined Larry Kudlow on Fox Business to discuss expectations ahead of tomorrow’s Organization of the Petroleum Exporting Countries (OPEC) meeting.

Additionally, they discussed rare earth development and whether the U.S. will be able to unleash domestic energy production and mine for these minerals. Excerpts and video below.

On Electric Vehicle Sales:

“You cannot have a market that is heavily subsidized, full of mandates, producing a product that nobody wants to buy. Sure, it produces, to quote President Biden's letter, ‘a lot of good paying union jobs’ if that's your goal, but they're going to be short-term jobs because no one's buying them off of the lot. And this is just another attempt to manipulate the market, manipulate the supply by changing the demand. Only the market can do that. You can’t force it.”

On Expectations Ahead of OPEC+ Meeting:

“Well, it looks to me like they're prepared to either keep status quo or even reduce production, which I think the recent drops in price have anticipated an increase in OPEC production. And now the tea leaves are looking the other way, which is why prices are coming up a little bit. […] As the United States of America, with all of our resources in the Bakken and the Eagle Ford and other places…and a quarter of our oil on federal lands, why aren't we determining the world price of oil instead of allowing OPEC+ to do it? If we're producing more and cleaner and better and exporting it to our allies and friends, then we aren't so subject to these [OPEC+] prices.”

On Domestic Production of Vehicles and Minerals:

“We should be producing more automobiles, combustion engine automobiles, using cleaner production here in the United States of the very product that they run on, because then you get to the next story about Wyoming in this big find of rare earth elements and we have rare earth elements in North Dakota. We have rare earth elements in Minnesota, but the Biden administration doesn't want us to mine them here, keeping us further dependent on our adversaries and China."