“The first place you go is American manufacturers, not OPEC, who have been held hostage for decades,” API President Mike Somers told CNN Business.
In response, a White House official stressed the need for “safe and stable energy markets” at this critical time in the global recovery from the epidemic.
“President Biden has made it clear that he wants Americans to have a fair supply of energy, including a pump,” the official told CNN.
Goldman Sachs -Biden OPEC + Expansion does not work
Biden’s administration on Wednesday called on OPEC + to fight higher energy prices. “More needs to be done to support recovery,” said National Security Adviser Jack Sullivan.
In a statement to customers on Thursday, Goldman Sach Strategist White House said it was “unthinkable” to convince OPEC + that the delivery would be effective in the short term. The Wall Street Company has expressed concern about the weakening of demand in the Delta.
Burns fossil reduction
He said the API, which is interested in domestic energy production, would be a better solution for US oil producers.
Sorority has criticized the Binden administration for its crackdown on the fossil fuel industry.
“It’s ridiculously thick,” Sommer said. We are talking about an administration that did nothing but try to restrict US oil and gas development in the office for the first eight months.
“I’m not saying what Biden did in the first eight months. We’re seeing high prices today,” Sommer said. There is no doubt that there are significant market forces in the game.
The Somers API strongly disagrees that the lease is not affecting today’s prices. Instead, that move – along with the cancellation of the Kiston XL – has increased regulatory distrust that is hampering future domestic investment.
Why U.S. oil producers don’t come to the rescue
But it is not the only reason why US oil production is slowing down to recover from the epidemic.
Over the past decade, oil companies have been under intense pressure from Wall Street to get more practice and share profits. They do not rush to save.
“This has always been an under-performing asset,” Sommer said. There is a fiscal discipline in the oil industry today. The focus has been on reviving investors over the past decade, especially in 2020.
Of course, Binden’s administration’s tough approach to the oil and gas industry is in the throes of a climate crisis – especially four years after Trump’s rule.
The White House official emphasized that gas prices today are in the middle of most decades and are in the middle of the Trump administration.
But we need to be vigilant, the official said.
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