Balance, inconsistency observed in Biden’s approach to oil and gas
President Joe Biden immediately took a strong stand against fossil fuels, essentially canceling the long smoldering Keystone XK pipeline and implementing a moratorium on all new sales of oil and gas leases on federal lands and waters.
Since then, however, his administration has refused to oppose other key crude oil pipeline projects, such as the Dakota Access Pipeline expansion and the near-completed Line 3 replacement pipeline from Canada.
In addition, while his campaign promised to cancel new oil and gas permits on federal lands, those permits continued to flow during the ongoing lease moratorium that is currently being fought in the courts.
Supporters say he’s taking a balanced approach for a country that still needs oil and gas as it switches to more renewables, while critics have called its administration hypocrite or, at best, intentionally inconsistent.
Stick around after the Market Minute interview with editor-in-chief Starr Spencer, an overview of the drivers of the oil market in the near term.
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