OPINION: A timeline of Biden's actions on oil and gas reveal where his priorities are
producers to step up domestic oil and natural gas output to address rising prices and the growing supply crisis prompted by Russia’s invasion of Ukraine and the subsequent sanctions on Russia’s oil exports.
Actions speak louder than words, and Biden’s agenda of ending the fossil fuel era is considered hostile by most U.S. oil and gas producers, who also saw Biden’s request of members of the OPEC cartel as a slap in the face.has limited ability to influence the near-term domestic oil and gas production. We do not have national oil companies like Saudi Arabia, Russia, or Venezuela, so Biden must rely on the private sector, which itself is accountable to its shareholders.
Biden proposed eliminating a slew of tax benefits for oil, gas and coal producers in favor of electric vehicles and other low-carbon energy alternatives as part of his $6 trillion budget for the next fiscal year.
The Biden administration’s recent public comments suggest they are getting their act together around supplying Europe with more oil and gas.However, the timeline indicates that they still have much work to do to convince the domestic industry that they are ready to prioritize energy security over climate goals. They could still do much more if they could climb down from their ESG thrones to fight the mounting economic war against Russia.
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