DeSantis sets $2 gas goal, promises more U.S. oil, natural gas production

Nancy Cook, Jennifer A. Dlouhy and Hadriana Lowenkron, Bloomberg September 20, 2023

(Bloomberg) – Florida Governor Ron DeSantis delivered a call for more U.S. oil and gas production, promising policies he says are holding back domestic energy output.

Florida Governor Ron DeSantis

DeSantis vowed to be “laser-focused on reducing gas prices and energy costs,” with a goal of achieving $2 gas in 2025, according to the energy policy plan he released Wednesday.

“As your president, I will restore our freedom to fuel. I will ensure that the United States of America is the dominant energy producer in the entire world,” he said in a speech in Midland, Texas outlining the central tenets of his blueprint. “I will ensure that this country does not have to rely on hostile nations for its energy needs ever again.”

The Republican presidential candidate’s plan would encourage more domestic oil development, expand exports and make fossil fuel production central to national security and foreign policy priorities.

The venue choice for the speech was strategic. The West Texas city is the center of the country’s most productive oil basin that’s the source of about one-third of U.S. crude output. The boomtown, which has been described as an “oasis of wealth,” grew up with the American oil industry.

DeSantis, positioned in front of an oil rig, was surrounded by dozens of energy industry workers, many of whom are West Texas locals. Following the speech, DeSantis donned a hard hat for a photo on the rig.

The unveiling of his sweeping energy plan comes as DeSantis embarks on a three-day fundraising swing through Texas, with stops to meet with donors planned around the state. By touting his energy proposal, DeSantis hopes to position himself as the most policy-focused GOP presidential candidate while also appealing to Texas donors uniquely concerned with the future of the oil and gas industries.

Republicans have seized on rising gasoline and crude prices as a political vulnerability for President Joe Biden, who has championed renewable energy and curtailed oil leasing. Oil surged to a 10-month high on Tuesday, with futures for global benchmark Brent crude briefly nearing $96 — amid a flurry of predictions that the world could see the return of $100 oil.

DeSantis’s $2 price per gallon pledge may make for good politics, but it would be difficult to achieve. The last time a gallon of unleaded gasoline cost $2 on average in the U.S. was in June 2020, when pandemic shutdowns kept people off the roads and caused demand to collapse.

DeSantis is calling for overhauls to a series of policies he says limit consumer choice and hike energy costs. His proposed changes include plans to:

  • Halt the Environmental Protection Agency’s tailpipe pollution-cutting mandates, likely including proposed standards that would effectively compel automakers to ensure two-thirds of consumer vehicles are electric by 2032.
  • Repeal federal surtaxes on liquid fuels.
  • Withdraw from the Paris Agreement.
  • Promote domestic extraction of fossil fuels — including oil, natural gas, coal and uranium — by approving mining and development on federal lands.
  • Expedite the energy project permitting process.
  • Establish a new “critical mineral strategic reserve” and reduce U.S. reliance on China for the raw materials used in semiconductors, batteries and military planes.
  • Refill the nation’s emergency oil stockpile, which Biden has drawn down to combat high energy costs.


Connect with World Oil
Connect with World Oil, the upstream industry's most trusted source of forecast data, industry trends, and insights into operational and technological advances.