Xfuels Inc (XFLS)

[Jose Chavez]

Former U.S. Speaker of the House Paul Ryan is betting big on American oil and gas, helping one domestic energy producer go public on the New York Stock Exchange Tuesday in a special purpose acquisition company (SPAC) deal.

"I'm a big believer in American oil and gas," Ryan said in an appearance on "Varney & Co." Tuesday. "I think the Biden administration, obviously, has had terrible policy on this front, and American oil and gas is great for jobs, great for foreign policy, great for bringing inflation down."