API Strikes Back at Biden’s Energy Policies

The American Petroleum Institute has called the Biden admin out on its energy policies.

President Mike Sommers warned Washington’s anti-oil and gas actions would hurt Democrats in the elections.

“American voters are watching”

The federal government recently decimated new oil and gas leasing.

It is also reviewing LNG project approvals.

There are suspicions the review would result in fewer approvals going forward.

That’s not good for energy security, according to Sommers.

“Imagine if a president blocked the development of farmland, disrupting our domestic food supply,” he said at a recent API event.

This would make Americans more reliant “on foreign countries to feed our families.”

And that’s exactly what Biden is doing with energy.

There are also allies in Europe and Asia to consider.

"Halting US LNG approvals would put our allies at risk. This should not be controversial," Sommers said.

One of the many things that should not be controversial, yet they are.

When activists run the show, everyone pays

The White House has prioritized climate change over everything else.

They say renewables boost energy security, but this just won’t fly, not in America.

It might fly in Europe, which doesn’t produce its own energy.

But we do, and a lot of it.

Killing local oil and gas would do the exact opposite of boosting energy security.

You don’t need to be an expert to know this.

Regular people see it at the pump and on their gas bills.

But there are people in government who are neither experts nor do they care about bills.

Letting activists run the show is never a good idea.

Look at Germany.

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So Much for the ESG Hype

A couple of years ago, ESG investing was all the rage.

Everyone wanted in.

Everyone wanted to be green and make money.

Now, ESG funds are closing, and the industry is banishing those three letters.

You can have too much of a good thing

ESG investing was promoted as a win-win.

Investors have to feel responsible and environmentally friendly.

While they made money, or they were supposed to.

But the promise of massive returns never materialized.

And some people got fed up with the hype. A lot of people.

Several states struck back at ESG fans with discrimination charges.

It was amazing how fast BlackRock and its friends became fans of oil and gas again.

Now, to be safe, they are ditching “ESG” from their vocabulary.

Same stuff, different name?

Corporations are now talking about “responsible business” instead of ESG.

So-called green funds are shutting down after $14 billion in outflows last year.

But here’s the funny part.

Although corporate execs are not talking ESG, they are still doing ESG.

There is no change in plans to pursue sustainability.

They’re just no longer talking about it.

Why?

Because regulators are breathing down their necks with climate disclosure mandates, that’s why.

Upcoming Oil & Gas Events

• January 16: TIPRO/IPAA Leaders in Industry Luncheon, Petroleum Club of Houston, Houston, TX

• January 17: IPAA Private Capital Conference, The Post Oak at Uptown Houston, Houston, TX

• January 17: Petroleum Alliance of Oklahoma, Wildcatters Wednesday Luncheon, Oklahoma City, OK

• January 17-18: GO-WV Winter Meeting, Marriott Town Center Hotel, Charleston, WV

• January 18: Kansas Oil and Gas Day Legislative Reception, Kansas State Capital, Topeka, KS

• January 23-25: POWERGEN International, Ernest N. Morial Convention Center, New Orleans

• January 30- February 1: Onshore Wellsite Automation Congress, Houston, TX

Around the Global Patch

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