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Big Oil boomed under Biden. So why does it hate him?

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece on Financial Times or enjoy below:

🗞️ Driving the news: The endangered status of the lesser prairie-chicken has imposed new limitations on oil drilling in the Permian Basin, the heart of U.S. oil production
• This is emblematic of the broader regulatory measures imposed under President Joe Biden, which the industry views as excessively restrictive

🔭 The context: After the deregulatory approach of the Trump era, Biden has prioritized climate change, enacting environmental rules ranging from species protections to methane leak clampdowns
• These regulations are part of a shift toward reducing reliance on fossil fuels, despite significant resistance from the oil sector

🌍 Why it matters for the planet: The Biden administration's environmental policies aim to curb the negative impacts of fossil fuel extraction and usage, contributing to global efforts against climate change. This is crucial in managing ecological balance and promoting sustainability.

⏭️ What's next: With the upcoming presidential election, energy policy is a critical battleground. The ongoing debate over the future of U.S. energy involves balancing economic interests with environmental sustainability, likely influencing voter preferences in energy-dependent regions.

💬 One quote: “It’s death by 1,000 cuts,” says Steve Pruett, CEO of Elevation Resources, criticizing Biden’s energy policy.

📈 One stat: U.S. oil production has soared to more than 13 million barrels per day, the highest under any administration, despite regulatory challenges.

Click for more news covering the latest on energy


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