The Energy Department is touting a $480 million loan meant to help boost oil and natural gas production in the Gulf of America.
"The U.S. Department of Energy’s (DOE) Office of Energy Dominance Financing (EDF) today announced the financial close of a $480 million loan for Arena Energy’s Project Elkhorn to increase oil and natural gas production across the Gulf of America shelf," the department noted in a press release obtained by Fox News.
"The project will modernize 22 offshore platforms off the coast of Louisiana and, at peak production, is expected to add up to 38,600 barrels of oil per day and up to 77 million cubic feet of natural gas per day to U.S. energy production," the release adds.
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The company is now producing about 30,000 barrels of oil in the gulf per day, according to the Energy Department.
"The United States is the world’s largest producer and exporter of oil and natural gas, and thanks to President Trump, American energy production will continue to grow," Energy Secretary Chris Wright said, according to the department. "Project Elkhorn will increase oil production by up to 38,600 barrels per day and create thousands of jobs. By providing financing for projects like Project Elkhorn, the Energy Department is expanding domestic production and strengthening our energy security to power American prosperity for decades to come."
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Americans have been facing elevated fuel prices amid the U.S. war with Iran this year.
As of Nov. 10, the AAA national average price for regular gas is $3.9788, which is much higher than the year-ago average of $3.0707, but much lower than the highest recorded average price of $5.0165 that was reached in June 2022 during President Joe Biden's White House tenure.
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"Thanks to President Trump and Secretary Wright's leadership, EDF is putting existing energy infrastructure back to work for the American people," EDF Director Gregory Beard noted, according to the Energy Department's release. "Project Elkhorn will expand domestic oil and natural gas production, create good-paying American jobs, and strengthen our energy security while generating substantial returns for American taxpayers."
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[ H/T Fox Business ]
