Oil and Gas Industry Criticizes Biden’s Policies, Favors Trump
Since President Biden took office, the oil and gas industry has been vocal in its criticism of his energy policies, calling them restrictive and punitive. However, the industry has achieved record-breaking production during Biden’s presidency, despite his policies.
The industry feels it has been targeted by Biden’s climate laws and provisions, including the fewest proposed lease sales in history, a methane emissions tax, and a pause on LNG export project approvals.
Former President Trump, the presumptive Republican nominee, has pledged to return to policies supportive of increased oil and gas production. The industry has donated $7.5 million to Trump’s campaign, compared to just over $1 million from outside energy groups for Biden.
Uncertainty Amidst Election
The industry is uncertain about the future of energy policy, with the upcoming presidential election bringing the potential for significant changes. The outcome of the election will impact the industry’s decisions and investments.
Inflation Reduction Act’s Impact
The Inflation Reduction Act (IRA) provides funding for carbon capture and hydrogen projects, which the industry supports. However, Trump has pledged to scrap the IRA, which could have negative consequences for the industry.
Trade War Concerns
The industry is also concerned about a potential escalation of the trade war with China, which could increase the cost of energy projects due to tariffs on steel and aluminum pipes.
Industry’s Dilemma
The oil and gas industry faces a dilemma: it benefits from certain aspects of Biden’s policies, such as the IRA, but also supports Trump’s energy platform. The outcome of the election and the implementation of campaign pledges will significantly impact the industry’s future.
