In a move to vastly expand energy production within the United States, the Trump administration announced on Thursday that it will reopen over 80% of Alaska’s National Petroleum Reserve to oil and gas drilling. The action comes as U.S. Secretary of the Interior Doug Burgum suggested that the total value of America’s energy natural resources may approach $100 trillion.

According to an agency press release, the plan would reopen 82% of the reserve for oil and natural gas leasing as well as expand “energy development opportunities” inside the 23-million-acre area to encompass previous undeveloped land. In addition, the department will reinstate a program “that makes the entire 1.56-million-acre Coastal Plain of the Arctic National Wildlife Refuge available for oil and gas leasing.”

A third action named by the department would open up the “Trans-Alaska Pipeline Corridor and Dalton Highway north of the Yukon River” in order to allow the construction of a natural gas pipeline and a mining road. These two projects “stand to increase job opportunities and encourage Alaska’s economic growth,” Burgum noted.

“It’s time for the U.S. to embrace Alaska’s abundant and largely untapped resources as a pathway to prosperity for the nation, including Alaskans,” Burgum summarized. “For far too long, the federal government has created too many barriers to capitalizing on the state’s energy potential. Interior is committed to recognizing the central role the State of Alaska plays in meeting our nation’s energy needs, while providing tremendous economic opportunity for Alaskans.”

The previous administration under former President Joe Biden had “reduced oil and gas drilling to less than half of the National Petroleum Reserve in Alaska’s Western Arctic, down from 82% during Mr. Trump’s first term.” A year ago, the administration levied new oil and gas leasing restrictions within 13 million acres of federal Alaskan land. Then just before leaving office in January, Biden prohibited oil and gas leasing in the Northern Bering Sea and implemented new constraints on drilling in 1.3 million acres of the Alaskan North Slope.

In contrast, President Donald Trump signed an executive order on the first day of his second term vowing to “unleash America’s affordable and reliable energy and natural resources,” as well as a second EO focused on Alaskan resources, which Thursday’s Department of the Interior (DOI) action was designed to implement.

Alaskan lawmakers welcomed the move. “Today marks a new day for Alaska and American energy security,” Rep. Nick Begich (R) stated. Governor Mike Dunleavy (R) concurred, remarking that the DOI initiative “will provide more investment opportunities, more jobs, and a better future for Alaskans.”

At a Breitbart News event in Washington, D.C. on Wednesday, Burgum further detailed how the massive scale of America’s natural resources could help address the U.S.’s spiraling national debt.

“[W]hat’s our debt? $36.5 trillion. What are our assets?” he asked. “… I can tell you, as the head of Interior … we’ve got 500 million acres of surface. Brooke Rollins has another 200 million in the U.S. Forest Service and U.S. grasslands. So 700 million acres of surface. There [are] 700 million acres of subsurface that we have the mineral rights, critical minerals, oil and gas, metallurgical and thermal coal resources. And there’s 2.5 billion acres of offshore, [much] of which have not been even explored, all of which represent huge, huge assets for us.”

He continued, “So if you take our forests, our lands, our grasslands, our lands that are near urban areas, our mineral resources, our offshore resources, I think the number is … double, triple what our national debt is. It could be $100 trillion. … [I]f we had published America’s balance sheet and said, ‘You know, our assets are triple what our debt is,’ just [that] announcement might lower the 10-year rate on interest rates because people say, ‘Wow, these guys got it covered, and they have a plan on how they’re going to be able to pay down this debt. And they’re actually in really good shape.’”

Notably, in the weeks since Trump’s inauguration, prices at the gas pump have fallen, with the average price of gas dropping for the fourth straight week on Monday to $3.078 per gallon.