US faces national security ‘threat,' rising energy bills over 'too much' Russian dependence, CEO warns
Biden’s proposed windfall profits tax ‘makes no sense,’ Uranium Energy Corp CEO Amir Adnani says
Uranium Energy Corp. founder and CEO Amir Adnani says ‘energy is life' and stresses that the U.S. must be in control of its own supply and ‘destiny.’
One U.S. energy CEO is calling out President Joe Biden’s proposed windfall profits tax and further finger-pointing at oil companies, claiming it makes a domestic energy and power "crisis" even "more complicated."
"The reality is we depend too much on Russia and former Soviet Union states," Uranium Energy Corp founder and CEO Amir Adnani told FOX Business’ Maria Bartiromo Wednesday. "And if we don't look for these resources in our own backyard, we're not only going to face surging prices and energy bills that are going to go up, but we're also going to face a real national security threat because that's what energy is. Energy is life."
On Monday, Biden, argued that oil companies’ recent profits were a "windfall of war" in Ukraine, and said he thinks they have a "responsibility to act in the interest of their consumers, their community and their country." He urged them to direct some profits to boost their U.S. production and refining capacity and to lower gas prices Americans see at the pump.
"If they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions," the president said. "My team will work with Congress to look at these options that are available to us and others. It’s time for these companies to stop war profiteering."
OIL INDUSTRY REACTS TO BIDEN THREATENING POTENTIAL WINDFALL TAX
Adnani argued this would be like removing oxygen masks during a plane crash on "Mornings with Maria."
President Biden investing in foreign energy supply and developement is "very frustrating" and "real national security threat," Uranium Energy Corp founder and CEO Amir Adnani said on "Mornings with Maria" Wednesday, November 2, 2022. (Getty Images)
"This is like cutting the oxygen mask off and completely removing it, and then complaining about power prices being too high," Adnani said. "We have a soaring power crisis in Europe, because in Europe, there's been zero investment made and support from a policy point-of-view in having energy in your own backyard, [and instead] being dependent on Russia."
Other industry leaders have voiced similar concerns about President Biden’s energy policies making the U.S. dependent on foreign oil sources, including Energy Workforce and Technology Council senior vice president of government relations Tim Tarpley.
"It sent signals that the United States was not necessarily going to produce the resources we have," Tarpley previously told FOX Business. "There's things we can do domestically to produce more oil and gas and to provide certainty to our allies and let them know, ‘Hey, we are a reliable partner… You don’t have to rely on OPEC+, you don't have to rely on Russia.’"
US President Joe Biden (R) and UAE President Sheikh Mohamed bin Zayed al-Nahyan (L) attend a bilateral meeting in Saudi Arabia on July 16, 2022. (MANDEL NGAN/AFP via Getty Images / Getty Images)
Adnani explained that United States' uranium supply faces similar sourcing challenges as traditional fossil fuels, noting that 60% of Uranium Energy Corp’s supply comes from Russia and former Soviet Union states.
The CEO also called out the White House meeting with the United Arab Emirates on Tuesday, which resulted in the two countries signing a deal to invest $100 billion in the transition to renewable energy.
"Fine, [it's] great to invest in energy, but why aren't we investing in energy in our own backyard? Why aren't we putting a fraction of that into making sure we have uranium domestically?" Adnani said. "That's the source of fuel for one in every five homes in America. This just does not make sense to me, and it's very frustrating."
GET FOX BUSINESS ON THE GO BY CLICKING HERE
GasBuddy Head of Petroleum Analysis Patrick De Haan discusses Biden's windfall tax against oil companies, refining capacity in the U.S. and the surge in diesel prices.
According to Adnani, President Biden should support policies that expand domestic production capabilities and give control back to U.S. energy supply chains.
"The reality is the Communist Party of China and Russia have outmaneuvered, out-muscled and outsmarted the companies in the West when it comes to grabbing market share globally for nuclear energy. We've got to get it back," the CEO said.
"President Biden should really, instead of focusing on investing capital abroad, do it domestically; help us create tens of thousands of jobs domestically and become energy independent."
"Energy starts with being able to dig material out of the ground, hydrocarbons, minerals," Adnani continued, "and we must not be afraid of digging."
FOX Business’ Tyler Olson and Aislinn Murphy contributed to this report.