Trump campaign advisor and oilman Harold Hamm said Wednesday the U.S. government has done everything in its power to impede oil and gas production.
"There's so many of these overreaching regulations that's gone on. My goodness. We called it death by a thousand cuts, and that's exactly what it was intended to do," Hamm told CNBC's "Power Lunch."
But while oil producers were supposedly being bled dry, U.S. wells were gushing.
President Barack Obama's two terms have dovetailed with a revolution in U.S. drilling technology that has pushed the country's production from about 5.3 million barrels a day in his first year in office to 9.4 million barrels a day in 2015.
Hamm's Continental Resources is one of the American independent drillers that proved oil could be squeezed from shale rock. But the subsequent surge in U.S. output from shale resources contributed to a global glut of crude that tanked oil prices two years ago.
Currently, most new U.S. drilling is occurring in parts of Texas and New Mexico, where the cost of producing a barrel of oil is low enough to turn a profit.