Big Oil Has Flourished, Despite Biden’s Best Efforts, And Will Back Trump In 2024
“It’s death by 1,000 cuts. It’s the worst presidency with regard to energy policy I’ve ever seen — and I’ve been involved in energy for 40 years, my entire career.”
Those were the words of Steve Pruett, chief executive of Elevation Resources, to Financial Times last week, talking about how the Biden Administration has gone out of its way to make life difficult for the energy sector.
After the deregulation seen during Donald Trump’s presidency, a tailwind for the sector, President Biden has prioritized tackling climate change and promised to regulate the oil and gas sectors more tightly.
His administration has introduced a range of environmental regulations, including endangered species protections, methane leak controls, and limits on offshore leasing and new licenses for liquefying and exporting American gas. All the while he has been draining the U.S. Strategic Petroleum Reserve while trying to cover up the tracks of inflation that is spinning out of control under his watch.
While many Democratic voters see these regulations as necessary, they have certainly rendered Biden unpopular in Midland, Texas, FT writes.
Midland lies at the core of the Permian Basin, which produces over 6.1 million barrels of oil a day—more than some OPEC nations—positioning the US as the largest oil producer globally.
FT notes that with the presidential election six months away, energy policy is a major divide between Biden and Trump. Despite Biden’s best efforts, U.S. oil production has soared to record levels, over 13 million barrels per day, boosted by commodity price increases following Russia’s 2022 invasion of Ukraine. Investors have seen substantial returns, with ExxonMobil shares – one of our favorite investments we have been touting for years – doubling since Biden’s inauguration.
…click on the above link to read the rest of the article…
