Economist and former White House advisor Jim Rickards argues that America’s energy wealth is part of its birthright — a natural inheritance capable of securing prosperity and independence — if only Washington and state capitols will allow it.

Recent events in California show that even the most restrictive states cannot outrun energy demands forever.

For years, Sacramento fought tooth and nail against new drilling, particularly in Kern County — the backbone of California’s oil industry. Nearly 80% of the state’s oil comes from Kern, yet for more than a decade, new well permits were tied up in court battles.

That gridlock didn’t just stifle local jobs and tax revenue. It also drove refineries out of state and left California increasingly dependent on foreign imports to keep the lights on and cars moving.

Now, the tide’s shifted.

Facing warnings that gas prices could spike as much as 75% amid refinery closures, lawmakers passed SB 237, a bill that would certify a long-delayed environmental review and allow up to 2,000 new drilling permits annually in Kern County.

Your Rundown for Monday, September 22, 2025...

The Tides Turn: From Resistance to Reliance

Republican State Senator Shannon Grove, who represents Kern County, notes: “Californians cannot afford $10-a-gallon gas. It’s time to unleash Kern County producers to meet our state’s energy needs with affordable, locally produced oil — for Californians, by Californians.”

Even opponents of fossil fuels admit this was a necessary course correction. The vote showed rare bipartisan agreement: without reliable domestic energy, California risks both economic chaos and a public backlash that could upend its climate agenda.

Governor Gavin Newsom framed the package as part of a broader deal. In his words: “We have agreed to historic reforms that will save money on your electric bills, stabilize gas supply and slash toxic air pollution — all while fast-tracking California’s transition to a clean, green job-creating economy.” He now has until October 13 to sign the bills into law.

But California’s retreat is a sign of something bigger. Across the country, the Trump administration and its allies are redrawing the energy map.

Regulatory reform — from executive orders loosening restrictions on federal lands to the Supreme Court overturning the Chevron Doctrine — has tilted the balance away from bureaucracy and toward development.

This is exactly the kind of shift Jim Rickards has described: an America no longer held hostage by global chokepoints, but one that draws strength from its own resources.

California’s Monterey Formation, stretching from Los Angeles to San Francisco, is another prime example.

Geologists estimate it has already generated 37–38 billion barrels of oil in reservoirs sourced from its rocks. Unlocking more of its potential won’t be easy, but it is possible — especially if regulatory hurdles continue to fall.

Jim’s thesis is simple: oil, gas, coal and the rare earth minerals embedded beneath U.S. soil are not just commodities. They are strategic assets — the foundation of energy independence, industrial strength and national security.

California’s reversal underscores the truth of that claim. When energy is abundant, economies thrive. When it is restricted, even the wealthiest states falter.

The choice, as Jim sees it, is not between fossil fuels and renewables, but between dependence and independence.

The American birthright is waiting underground. The only question is whether our leaders will have the courage to claim it.

Market Rundown for Monday, September 22, 2025

S&P 500 futures are down 0.35%, just under 6,700.

Oil pulled back 0.55% to $62.30 for a barrel of WTI.

Gold is up 1.35% to $3,755 — another record high.

Bitcoin is down 2.45% to $112,700.