From the oil industry’s perspective, the U.S. president is basically demanding that they spend money on what will soon become stranded assets if the transition succeeds as planned.
Earlier this week, U.S. President Joe Biden accused oil companies of “war profiteering.”
This industry must be quite confused right now. On the one hand, oil companies—especially Big Oil because of its Big Profits—are being targeted with threats for windfall taxes and “other restrictions” of an as-of-yet undetermined nature. That could be reason enough to boost drilling, but only for some companies. Most of Big Oil has made big bets on things like wind, solar, hydrogen, and EV charging because the companies’ investors have pushed these companies to make these big bets. Management has also been on board, sensing an uninterrupted ESG shift in the investment world.
“Rather than taking credit for price declines and shifting blame for price increases, the Biden administration should get serious about addressing the supply and demand imbalance that has caused higher gas prices and created long-term energy challenges,” the President of the American Petroleum Institute, Mike Sommers, said in a“Oil companies do not set prices—global commodities markets do,” Sommers went on to say.
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