Hoeven Outlines Importance of U.S. Energy Dominance in Countering Iran’s Influence

Hoeven Outlines Importance of U.S. Energy Dominance in Countering Iran's Influence

WASHINGTON - During remarks delivered on the floor of the U.S. Senate today, Senator John Hoeven discussed the importance of U.S. energy dominance in the face of the Iranian regime's efforts to destabilize global energy markets. Hoeven outlined:

• The importance of his Crack the Code 2.0 initiative to continue growing U.S. energy leadership. Specifically, the initiative would partner the oil and coal industry to double both:
  • Oil recovery in formations like the Bakken, unlocking billions of additional barrels of oil that would otherwise be inaccessible.
  • The life of coal-fired power plants, ensuring continued access to affordable, reliable baseload power that is available 24/7.
• That disruptions to global energy markets will be temporary, as:
  • Operation Epic Fury will be limited to weeks, not months.
  • Steps are being taken to secure the Strait of Hormuz.
  • The U.S. continues to strike Iran's ability to threaten ship traffic.

"Over the past two decades, our nation has transformed itself from a position of energy dependence to one of energy dominance," said Hoeven. "To maintain our energy leadership, we must not only focus on sustaining production, but growing it. This means continuing to innovate and improve the amount of oil we can recover from the wells we already have drilled.

"Today, we only recover about 10 percent of oil from unconventional shale formations like the Bakken. That's why we are embarking on the next stage of the shale revolution, which we are calling Crack the Code 2.0… We are focusing on linking oil producers with our baseload coal-fired power plants that provide a reliable source of CO2 for enhanced oil recovery. Doing so presents the opportunity to unlock five billion additional barrels of oil out of the Bakken, and billions more from other shale formations.

"Iran is taking deliberate actions to disrupt global energy flows by attacking energy infrastructure in the region and threatening oil shipping through the Strait of Hormuz. Thankfully, the U.S. is in a much stronger position because we've more than doubled production. Our energy producers have become a stabilizing force in the global marketplace, limiting the ability of hostile regimes to weaponize access to energy.

"Make no mistake, conducting this kind of campaign against Iran twenty or thirty years ago would have been a much bigger energy problem. When we were only producing 5 million barrels per day versus the nearly 14 million we produce today, which covers essentially what we use, it would have been a different equation. Iran deterred us from attacking due to its stranglehold over oil resources. The combination of robust American energy production and the power of the American military mean that the best Iran can do is cause a temporary disruption.

"Our gratitude and prayers remain with those brave servicemembers who are carrying out these operations. They are doing an incredible job, and may God bless them."

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