Oil and Gas Producers Fear A Biden Presidency

June 12, 2020

It is no surprise the majority of oil and gas producers in Texas view a Biden presidency as a threat to an already struggling industry among the COVID-19 pandemic. With Biden becoming more progressive as the election cycle goes on, the energy sector is taking note.

A survey conducted by the University of Houston’s Hobby School of Public Affairs concluded that three in four Texas Oil and Gas Association members “saw a Biden victory in November as the biggest potential threat to their companies’ growth.” While “only 11% of respondents ranked a Trump victory as a potential threat to their growth.”

The survey also shows that there is optimism in the oil industry showing that “Virtually all of respondents — 98% — believed that the price of oil per barrel in May 2020 represented the nadir for the industry, and that prices would rise over the coming year.” Meaning the oil industry is destined to make a comeback and will not be going away anytime soon. But Biden’s proposed progressive policy agenda including opposing new fracking permits on federal lands and a ban on new offshore drilling threaten the industry and millions of American jobs.

Pablo Pinto the director of the Hobby School’s Center for Public Policy shares how oil and gas companies in Texas share concerns over a potential Biden presidency, “The perception by upstream producers is that a Democratic president and maybe a more Democratic Congress could result in increasing regulation on oil extraction and production.”

The energy industry will always be a valuable part of the United States economy; however, Joe Biden and his progressive backed party threaten the future of the vital sector. Not only does the industry employ millions of hard-working Americans but it supplies businesses with reliable and affordable energy they need to keep their businesses running. If anything this recent pandemic has shown us, is that a strong domestic supply of energy is necessary and should be supported and not hit with stronger regulations by misguided eco-left policies.