Biden Administration's response to OPEC Plus

Описание: The Biden Administration's response to OPEC Plus' decision to cut 2 mbd is a sign of true desperation. They are desperate to lower oil prices before midterms in November. Unfortunately they had nearly two years to help increase domestic output, but failed to do so.

Diana Furchtgott-Roth just published an article with Forbes and was kind enough to reach out for my thoughts. https://www.forbes.com/sites/dianafur...

“Trisha Curtis, president and CEO of PetroNerds, a Denver-based strategic advisory firm, told me, ‘The Biden administration's response to OPEC's decision to cut two million barrels a day is a sign of true desperation. The SPR is already at levels not seen since 1984, putting the U.S. and the world on a path to higher oil prices in the future. The Administration has been unable to achieve a relief in sanctions on Iran and is now looking at Venezuela, again—even though Venezuelan production is heavily connected to both Russia and China.’”

“Ms. Curtis, a national expert in oil production, explained that the United States could begin producing another 2 million barrels per day by immediately re-approving expiring Federal permits. Reapprovals have virtually stopped under the Biden administration. Additionally, the Administration could immediately accelerate lease sales and permit approvals on federal lands and end the moratorium on federal and offshore lease sales. Approving Keystone XL and accelerating the final development of the nearly finished pipeline would bring as much as 1 million barrels a day of Canadian crude to the Gulf Coast.”

Two years of heavily imposed oil and gas restrictions, Executive Orders on climate change, reduced refinery capacity in the US, and incredible ESG pressure on all companies across the value chain of oil and gas have impacted the US' ability to raise output quickly in the face of rising oil prices.

Make sure to catch up on the latest PetroNerds podcast before the next one drops. Episode 60 is a very special episode with my former employer and mentor Lou Pugliaresi. We talk about the failed energy policies of the Biden Administration, what is going on in DC, and energy security. A must listen to episode which will drop in a few hours!