Why The Oil Industry Doesn't Fear Biden


To learn more on the surface. The oil and gas industry is losing a friend on january twentieth. Donald trump the departing president gave fossil fuels his loud support. President-elect biden supports efforts against climate change yet. Some in the oil and gas industry are feeling cautiously optimistic. Npr's camille mosque. Explains why you might have heard that biden's win could mean the end of the oil industry. President trump warned it. Would some climate activists hoped it would and in the final debate biden himself said this transition from their own industry. Yes it is a big statement and that would be a big change over the last decade. Us oil and gas production has boomed. The shale revolution turned the united states into the world's top oil producer. A lot of that remarkable growth happened. During the obama administration and trump promoted the jobs in prophets that resulted but emissions from burning oil gas and coal are the biggest contributors to climate change. Which is already starting to have devastating effects around the world. So how could biden tackle those emissions step one might be a ban on new drilling on federal lands and private loans. It's a different story. They do not have the power to your sake. Somebody in south texas. You can of drill anymore. Rene santos's with snp global plattsburgh says that that kind of a ban would be significant but not the end of the industry is also expected to restore some environmental regulations. Which again won't eliminate all gas. The big question mark is what a climate bill look like her personal. Don't think it's going to be sensitive radical unless you know the more liberal side. All the democratic party gets a lot of influence which are so we see right now. It does not appear to be the case. Climate activists and scientists have called for ambitious action. That might be impossible to push through congress if republicans keep the senate so for now. This doesn't seem like a doomsday. Scenario for oil gas. I don't think it's a wholesale assault on the oil industry. It's just not going to be in favour like it was under president. Trump halima croft is a managing director at arby's see capital markets. She says the biden is serious about climate change but also doesn't plan to do away with fossil fuels. We actually wrote a note over the summer about the biden. Energy plan called hugging the mid line. Not just because. I left the ladas but we really did see this as an effort to sort of the neo. All the oil and gas industry sees room for some compromises and negotiations which might raise the question. What about biden's big statement about transitioning away from oil and gas jin. Snyder is a director at in virus. Which provides data's oil and gas companies. She says that was hardly breaking news. To insider's they know that a global transition happening a move away from fossil fuels is underway at the society level regardless of the administration biden also said quote. We're not getting rid of fossil fuels for a very long time. Snyder argues a president who manages a gradual shift. Away from oil might actually be better for business. The gut reaction is that this isn't good news for the industry but we're actually cautiously positive and politics aside right now. Oil producers are facing a more immediate struggle. The

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