Oil prices hovering between $60 and $70 have put American shale producers under pressure. Chief executives are increasingly vocal about bearing the brunt of the pain. But Doug Burgum, US Interior Secretary and chairman of President Donald Trump’s National Energy Dominance Council, is not concerned.
Appearing in On The Record with Hadley Gamble, Mr Burgum says: “We’re helping them two ways: we're driving up global demand, we're driving up domestic demand because of all of the AI factories, because we're going to be producing more electricity, and we're lowering their break-even point by cutting the red tape.
"I'm bullish on the future of the shale producers in this country because what they have everybody wants … I tell the shale producers, if they're feeling down, go talk to a hyper scaler, because if you've got energy that can be produced into electricity, they want to buy it from you, and they're willing to pay more for that electricity than ever before.”
As China races ahead on electricity production, Mr Burgum says the US is going “gangbusters” to catch up, hoping to cash-in on the “tech guys” leading the demand.
“The biggest challenge we have right now is electricity. We do not have enough electricity to win the AI race,” Mr Burgum says. “The tech guys ... are becoming the biggest customers in the world for energy. And it will only get bigger.”
That is why he remains “bullish on the energy business”, he says, despite a glut of oil on the market pushing prices lower and uncertainty over how the US will meet Europe’s energy needs.
"I would look at the macroeconomics: a robust US economy, a strategy around US energy dominance and selling energy to our friends and allies,” Mr Burgum says. "AI demand is going to do more for driving energy prices.”
This week, Mr Trump signed the biggest trade agreement in US history with the EU, a commitment that includes $750 billion worth of energy over the next three years, but with scant detail on just how the US can achieve that level of production.
"I think the first step is obviously increasing supply,” Mr Burgum says. "And when you see this kind of demand signal coming from a trade deal, [it’s] very encouraging for companies to say we're going to continue to invest in the US.”
Mr Burgum believes it is time to develop America’s natural resources. “The President’s mantra is ‘drill, baby, drill’ but it’s also ‘map, baby, map’. Just recalculating and remapping what’s in the Gulf of America, the numbers nearly doubled,” he says.
“The estimate is there’s $28 trillion of oil and gas assets just in the Gulf of America alone … so we’re talking about $100 trillion to $200 trillion of natural resources … on our balance sheet that could be developed.”
But American energy dominance does not mean putting other producers out of business, Mr Burgum says, quite the contrary. The demand picture means both US and Opec producers win.
"Opec, Opec+, the Middle Eastern countries, the United States are in a position to be the major suppliers of energy to the world. Two billion people that don't have enough energy, 666 million people that don't even have electricity. Take AI demand,” Mr Burgum says. "This is going to be a good business to be in for the decades to come.”
The man in charge of securing America’s natural resources says now is the time to put them to work.
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Company Fact Box
Company name/date started: Abwaab Technologies / September 2019
Founders: Hamdi Tabbaa, co-founder and CEO. Hussein Alsarabi, co-founder and CTO
Based: Amman, Jordan
Sector: Education Technology
Size (employees/revenue): Total team size: 65. Full-time employees: 25. Revenue undisclosed
Stage: early-stage startup
Investors: Adam Tech Ventures, Endure Capital, Equitrust, the World Bank-backed Innovative Startups SMEs Fund, a London investment fund, a number of former and current executives from Uber and Netflix, among others.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
