Oil Groups Warn of the Consequences of a Biden Presidency

August 6, 2020

Last month, Joe Biden released his aggressive $2 trillion climate plan that includes setting a 100% clean-electricity standard by 2035 and spending $2 trillion on clean energy over the next four years. The plan also includes a ban on new oil and gas leases on federal land or waters, even though Biden has continuously stated he won’t seek to gut the fracking industry.

Biden has inched further to the radical left since winning the nomination and while he claims he doesn’t have the long-term goal of dismantling the natural oil and gas industry, leaders within the industry are wary.

In a previous blog post on Biden’s balancing act on climate and fracking, we discussed the uncertainty among industry leaders of his promises and ability to control those decisions. David Spigelmyer, president of industry group Marcellus Shale Coalition said, “I think there’s a lot of distrust there. It is also concerning the far left of his party is pushing to eliminate hydraulic fracturing.”

Todd Staples, the president of the Texas Oil & Gas Association (TXOGA), told Rigzone when asked for a comment on Joe Biden’s clean energy plan, “Any plan that seeks to undermine the oil and gas industry will set back climate progress and put workers out of jobs.”

“The oil and natural gas industry is leading the way on environmental progress, implementing real solutions to address climate concerns while providing affordable and reliable energy that benefits every family. We ask voters to thoroughly evaluate the policies of the candidates and the consequences of their policies when making their choices at the ballot box,” Staples added.

Also reacting to Biden’s energy plan, Ed Longanecker, President of Texas Independent Producers and Royalty Owners Association (TIPRO) said, “In 2019, the U.S. oil and gas industry supported over 18 million direct and indirect jobs and purchased U.S. goods and services in excess of $500 billion. The longer-term goal of some to completely dismantle the oil and gas industry is of tremendous concern and would negatively impact millions of Americans whose livelihoods rely on the U.S. oil and gas industry.”

We at Power The Future echo these fears. Biden’s plan puts at risk the millions of jobs, billions in government revenue, and national security the oil and gas industry has brought to the U.S. In this time of economic uncertainty, where 31.3 million U.S. workers are receiving jobless aid payments, why would we destroy an industry of such value?