The industry has not been subtle about its asks: More drilling permits on public lands, pipeline approvals, and taking other steps — while refraining from certain regulatory moves, to encourage putting more money into energy infrastructure.
Bob McNally, founder and president of Rapidan Energy, said the White House’s view is that “I need more oil right now. I need more refining capacity right now,” without “blessing new, long-term infrastructure” due to the need to move toward clean energy sources.
“That’s where the disconnect comes in,” he told Axios in an interview.
Zoom in: In addition, the industry is skittish about spending money now to pump more oil, given the stress of recent boom-bust cycles. It wasn’t that long ago that oil prices plunged during the first coronavirus lockdowns.
Join the conversation as a VIP Member