{"id":974079,"date":"2021-11-05T21:28:49","date_gmt":"2021-11-06T01:28:49","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=974079"},"modified":"2021-11-05T21:28:52","modified_gmt":"2021-11-06T01:28:52","slug":"oil-in-high-demand-as-biden-tries-to-maneuver-around-bad-energy-policies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oil-in-high-demand-as-biden-tries-to-maneuver-around-bad-energy-policies\/","title":{"rendered":"Oil in High Demand as Biden Tries to Maneuver Around Bad Energy Policies"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Foil-in-high-demand-as-biden-tries-to-maneuver-around-bad-energy-policies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=974079&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2021\/11\/GettyImages-1351217826-e1636152094180-640x335-1.jpg\" class=\"ff-og-image-inserted\" \/><\/div>\n<p class=\"subheading\">Since day one, President Joe Biden has made crippling the fossil fuel industry a priority, from shutting down the Keystone Pipeline \u2014 one of his first actions after taking office \u2014 to halting energy exploration on federal land.<\/p>\n<p>The federal government <a href=\"https:\/\/sgp.fas.org\/crs\/misc\/R42346.pdf\">owns<\/a> roughly 640 million acres, about 28 percent of the 2.27 billion acres of land in the United States, according to the Congressional Research Service \u2014 and that includes large swaths of a number of western states with economies that rely on the fossil fuel sector.<\/p>\n<figure id=\"D-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"M-ROS-B1\" class=\"a8d\"><\/figure>\n<figure id=\"gmxrevmore\" class=\"H\"><\/figure>\n<p>And when oil supplies started to fall, Biden looked abroad before circling back to domestic sources that before his election had made the U.S. energy independent.<\/p>\n<p>\u201cFirst came a trip to Riyadh for Jake Sullivan, Biden\u2019s national security adviser, where he asked Saudi Arabia to increase production,\u201d the <em>Financial Times<\/em> <a href=\"https:\/\/www.ft.com\/content\/37947e4a-71a1-4c0e-919b-1e3d55ee19ea\">reported<\/a>:<\/p>\n<blockquote readability=\"10\">\n<p>Then Jennifer Granholm, Biden\u2019s energy secretary, told the <em>Financial Times<\/em> in October that the U.S. was considering a price-sapping release of crude from its strategic stockpiles. The White House even contacted some U.S. oil producers to ask how quickly they could bump up output \u2014 an awkward move for an administration that many oil executives consider hostile to their sector.<\/p>\n<\/blockquote>\n<p>Biden even vaguely threatened Russia and Saudi Arabia on the eve of the United Nation\u2019s COP26 climate summit if they didn\u2019t increase oil production.<\/p>\n<figure id=\"M-ROS-B2\" class=\"a8d\"><\/figure>\n<p>\u201cWhat we\u2019re considering doing on that, I\u2019m reluctant to say before I have to do it,\u201d Biden told reporters.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p>The <em>Financial Times<\/em> reported:<\/p>\n<blockquote readability=\"41\">\n<p>The open-ended threat will have given the Opec+ oil exporter group something else to ponder when it meets today to decide whether to adjust its production quotas. Most Opec watchers think the group will stick with its existing plan, which is to add 400,000 barrels a day of supply each month as it restores the huge swath of production it agreed \u2014 under US pressure \u2014 to cut last year to lift prices. If so, it will be a disappointment to Biden. The president is right to be worried, say industry analysts and investors. Oil prices, already above $80 a barrel, are at their highest level in seven years. While soaring natural gas prices in Europe and Asia have sparked alarm, the oil rally is gathering the kind of momentum that some believe could culminate in an economy-draining spike like that seen in 2008, when prices hit almost $150 a barrel just before the global financial crisis. No one believes this short-term price surge \u2014 dubbed a \u201cfinal hurrah\u201d by some executives \u2014 will solve the problems facing the oil sector.<\/p>\n<p>A year away from midterm elections, the danger of further oil price inflation for Biden is plain. A gallon of petrol in the US now costs on average $3.40, according to the AAA motoring group \u2014 half the price a consumer in the UK might pay, but 60 per cent more than during the final months of the presidency of Donald Trump. Stickers of a pointing Biden, declaring, \u201cI did that\u201d, are available on Amazon.com and have, in recent weeks, begun appearing next to the price ticker on forecourt pumps. Biden\u2019s Republican opponents have seized on rising petrol prices to argue that his energy policies are penalising Americans already squeezed by supply chain chaos.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p>As the air quality in cities improved last year, a seductive notion emerged: that pandemic lockdowns had helped cure the world of its oil addiction. Governments could now \u201cbuild back better\u201d, accelerating a clean green pivot to the lower-carbon economy and making strides in the effort to halt climate change. The notion, at least in terms of demand, has proved shortlived. Stimulus spending and months of cheap oil prices sparked a revival in consumption at a pace almost as stunning as the drop had been during the pandemic collapse. Between the second quarters of 2020 and 2021, global oil consumption rose by 12m b\/d, according to the IEA, an unprecedented surge.<\/p>\n<\/blockquote>\n<p>The <em>Financial Times<\/em> reported that demand for oil in the U.S. in the past month was just shy of 21 million barrels a day, only 2 percent less than the same period two years ago.<span class=\"Apple-converted-space\">&nbsp;<\/span><\/p>\n<p>And \u201coil company coffers are bursting with cash again. Last week, less than 24 hours after Darren Woods, ExxonMobil\u2019s chief executive, and his Chevron counterpart Michael Wirth appeared in Congress for a grilling about climate disinformation, their companies reported bumper quarterly profits and juicy share buybacks,\u201d the <em>Times<\/em> reported.<\/p>\n<p>Chevron and ExxonMobile are already both operating more rigs than last year in the Permian Basin of New Mexico and Texas and the U.S.<\/p>\n<p>And although data from trip planning on Apple shows that usage of public transport have not reached their pre-pandemic level, in many big cities cars are not only back but above the norm. And air travel is on the rise.<\/p>\n<p>As a result, the oil will likely keep flowing.<\/p>\n<p>\u201cWe\u2019ve all decided that we want to stop investing in oil supply,\u201d Ben Dell, head of Kimmeridge, a private equity investor, said in the <em>Times<\/em> report. \u201cBut nobody told the consumer.\u201d<\/p>\n<p><i>Follow Penny Starr on <\/i><a href=\"https:\/\/twitter.com\/PennyStarrDC\"><i>Twitter<\/i><\/a><i> or send news tips to pstarr@breitbart.com.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since day one, President Joe Biden has made crippling the fossil fuel industry a priority, from shutting down the Keystone Pipeline \u2014 one of his first actions after taking office &#8230;<\/p>\n","protected":false},"author":18,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-974079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/974079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=974079"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/974079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=974079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=974079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=974079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}