The war in Europe and skyrocketing energy prices are forcing the oil and gas industry and the Biden administration into a relationship of convenience — one that may be fleeting as they pursue diverging, long-term energy agendas.
Russia’s invasion of Ukraine and the retaliatory financial sanctions the United States and Europe have implemented against Moscow have caused chaos in global commodity markets. Oil prices have whipsawed, shooting up to $130 a barrel earlier in the week. The gasoline prices, which Biden administration has been fighting a losing battle against for months, hit a record high of $4.33 a gallon on Friday.
Fossil fuel industry executives are wary of the Biden administration’s long-term intentions. On top of the short-term support for renewed drilling, the industry said it needs quicker permit turnarounds and acknowledgment that oil and gas production should continue in the long term while the clean energy industry takes root.
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