Paul Ryan makes a 'good bet' on US oil and gas by backing domestic producer's SPAC deal
Paul Ryan invests in US oil supplier Granite Ridge Resources, begins trading on NYSE Tuesday in SPAC deal
Executive Network Partnering Corporation Chairman and former U.S. Speaker of the House Paul Ryan discusses his investments in American oil exploration and his midterm election predictions in a wide-ranging interview on 'Varney & Co.'
Former U.S. Speaker of the House Paul Ryan is betting big on American oil and gas, helping one domestic energy producer go public on the New York Stock Exchange Tuesday in a special purpose acquisition company (SPAC) deal.
"I'm a big believer in American oil and gas," Ryan said in an appearance on "Varney & Co." Tuesday. "I think the Biden administration, obviously, has had terrible policy on this front, and American oil and gas is great for jobs, great for foreign policy, great for bringing inflation down."
Ryan, who’s currently chairman of the Executive Network Partnering Corporation and member of the Fox Corporation Board of Directors, rang Tuesday’s opening bell with his colleagues following the successful formation of Granite Ridge Resources via a SPAC.
Granite Ridge, a scaled, non-operated oil and gas exploration and production company, is listed on the NYSE under ticker symbol "GRNT" and had an initial enterprise value of $1.2 billion, according to a press release.
DEMOCRATS ASK BIDEN FOR ANOTHER STRATEGIC OIL RELEASE, THIS TIME TO HEAT HOMES IN NEW ENGLAND
The deal gives investors access to private oil operations in all major American basins including the Bakken, Eagle Ford and Permian, Ryan explained.
Executive Network Partnering Corporation Chairman and former U.S. Speaker of the House Paul Ryan helped ring the Nasdaq opening bell on Tuesday, October 25, 2022. (Fox News)
"We think it's a great investment. It's a scaled firm, great management team, no debt and good free-cash flow," Ryan said. "We're just excited about the future for this, and it's a good bet on American oil and gas."
Ryan expressed that he hopes to see investments in Granite Ridge promote production of more U.S.-sourced fossil fuels, as economists and energy experts warn global oil prices could continue surging in coming weeks due to domestic and global factors.
In addition to the powerful Middle East oil cartel, the Organization of the Petroleum Exporting Countries (OPEC) announcing massive production cuts, major petroleum refinery snags, and policies disincentivizing more fossil fuel production or nationwide refinery capacity have contributed to the price uptick, according to analysts.
Petrol prices are displayed on a gas station sign in Los Angeles, California on October 19, 2022. (Getty Images)
Last week, the Energy Information Administration (EIA) forecasted U.S. households that primarily use natural gas for heating will spend an average of $931 on heating this winter – a whopping 28%, or $206, more than last year.
Nearly half of all U.S. homes rely on natural gas as the primary heating fuel, according to the U.S. Census Bureau’s 2021 American Community Survey.
With the economy and inflation on the top of voters’ minds ahead of the midterm elections on November 8, Ryan predicted a Republican sweep in the House and Senate could help America with "producing more" oil.
"I think the trend lines here in October are looking great. My own senator, Ron Johnson, has been polling consistently in the fifties; that's really good for an incumbent. So I really do feel like we're going to have a great night for the House," the former House Speaker said.
"I used to think it was about 15 to 25 seats, now I think it's more like between 20 and 30 seats in the Senate. It's always a hard call, but I think with the trend lines going the way they're going, I feel pretty good about the Senate as well."
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President Biden announced the release of 15 million more barrels of oil from the U.S. Strategic Petroleum Reserve Wednesday.
In response to rising gas and oil prices, President Biden announced the U.S. would release 15 million more barrels from the Strategic Petroleum Reserve, and dismissed accusations that he was releasing oil from the reserves in order to lower prices – and boost Democrats – ahead of the midterms.
"It’s not politically motivated at all," Biden said last Wednesday at the White House. "It’s motivated to make sure that I continue to push on what I’ve been pushing on, and that is making sure there’s enough oil that's being pumped by the companies so that we have the ability to be able to produce enough gas that we need here at home… and, at the same time, keep moving in a direction of providing for alternative energy."
FOX Business’ Bradford Betz, Thomas Catenacci and Timothy Nerozzi contributed to this report.