Energy policy was a key debate topic between presidential candidates Vice President Kamala Harris and former President Donald Trump. Tortoise senior portfolio manager and managing director Rob Thummel joins Market Domination to discuss the future of US energy policy.
“We do believe in an all-of-the-above approach to really providing energy supply. Energy demand is just going to go up, and it’s going to go up every single year… We’re really making history here, a little bit in the US, as the US being the largest producer of energy in the world, the largest exporter of energy in the world. This is really significant,” Thummel tells Yahoo Finance.
He explains that the US has a lot of low-cost, low-carbon energy options, which is a “foundational element of growing economies.” Thus, he believes that as US oil helps grow other economies, it’s also contributing to domestic growth.
“That’s partially why you’re seeing the potential for AI development here is because the low-cost energy that’s in the US, that’s partially why we’ll have advanced manufacturing come back to the US, is because of the low cost of energy,” he adds.
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This post was written by Melanie Riehl
The energy policy, the energy industry in the US came up in the debate last night.
I want to play for you a little bit of what the candidates had to say.
My position is that we have got to invest in diverse sources of energy.
So we reduce our reliance on foreign oil.
We have had the largest increase in domestic oil production in history because of an approach that recognizes that we cannot over rely on foreign oil.
But if she won the election the day after that election, they’ll go back to destroying our country and oil will be dead, fossil fuel will be dead.
We’ll go back to windmills and we’ll go back to solar where they need a whole desert to get some energy to come out of.
So it seems like uh former President Trump has been pretty consistent here, but it does seem like Vice President Harris is coming around more to uh what our Ben Wo called in all of the above sort of energy strategy is that sort of reassuring for you as an energy investor?
Yeah.
No, I think it’s a good point.
Julian and I and I to, we do believe in an all the above approach uh to, to the, to, to really providing energy supply, energy demand is just gonna go up and it’s gonna go up every single year.
We’re living a little bit, we, we’re really making history here a little bit in the US as the US being the largest producer of energy in the world, the largest producer or the largest exporter of energy in the world, this is really significant.
But if you think about the the benefit that the US has is the US has a lot of low cost.
And I would argue low carbon energy, some of that’s natural, a lot of that’s actually natural gas.
But to to for economies to grow, you really need energy.
So energy is such a foundational element of growing economy.
So if we’ve got low cost energy in the US, not only can we grow our economy, we can accelerate the growth of our economy.
That’s partially why you’re seeing the potential for A I development here is because the low cost energy that’s in the US.
That’s partially why you know we have advanced manufacturing come back to the US is because of the low cost of energy.
So II I think in in some element in in some way, uh both of them are right?
We want a lot more energy in the US and and also oh by the way, the world needs and wants more US energy as Well.
