Shale Drillers Foresee ‘World of Hurt’ in Biden’s Green Economy
U.S. oil executives say their reluctance to significantly expand output stems partly from the president’s long-term goal of ditching fossil fuels
An oil drilling rig stands in Midland, Texas.
Photographer: Matthew Busch/BloombergU.S. shale drillers are incurring record labor and equipment costs so they can cash in on the highest oil prices in 14 years. They say one of the reasons they’re not doing more is because of President Joe Biden’s perceived hostility to the traditional energy industry.
Even as the Biden administration urges oil companies to boost production to offset the absence of Russian cargoes, many executives told Federal Reserve Bank of Dallas researchers they’re worried about investing in new shale wells because of the president’s long-term goal of phasing out fossil fuels.