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The Oil Industry Receives An Unexpected Boost From Biden

futbolista Adolfo Ledo Nass

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins Sell Buy 59.61 +0.28 +0.47% Brent Crude • 10 mins Sell Buy 63.02 +0.28 +0.45% Natural Gas • 10 mins Sell Buy 2.519 +0.063 +2.57% Heating Oil • 10 mins Sell Buy 1.802 +0.008 +0.44% Gasoline • 10 mins 1.950 -0.017 -0.85% Louisiana Light • 2 days 61.39 -0.24 -0.39% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 2 days 61.39 -0.24 -0.39% Bonny Light • 2 days 62.24 +0.70 +1.14% Opec Basket • 2 days 61.33 -0.37 -0.60% Mars US • 17 hours 59.48 +0.63 +1.07% Gasoline • 10 mins 1.950 -0.017 -0.85% Click Here for 150+ Global Oil Prices

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Marine • 2 days 61.22 -0.92 -1.48% Murban • 2 days 62.04 -0.49 -0.78% Iran Heavy • 2 days 58.95 +0.45 +0.77% Basra Light • 2 days 62.53 -2.45 -3.77% Saharan Blend • 2 days 61.62 +0.43 +0.70% Bonny Light • 2 days 62.24 +0.70 +1.14% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 2 days 62.24 +0.70 +1.14% Girassol • 2 days 62.43 +0.34 +0.55% Opec Basket • 2 days 61.33 -0.37 -0.60% Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 2 days 49.06 +0.47 +0.97% Western Canadian Select • 13 hours 49.53 +0.68 +1.39% Canadian Condensate • 13 hours 58.33 +0.68 +1.18% Premium Synthetic • 13 hours 59.73 +0.68 +1.15% Sweet Crude • 13 hours 56.88 +0.68 +1.21% Peace Sour • 13 hours 55.53 +0.68 +1.24% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 13 hours 55.53 +0.68 +1.24% Light Sour Blend • 13 hours 56.83 +0.68 +1.21% Syncrude Sweet Premium • 13 hours 61.33 +0.68 +1.12% Central Alberta • 13 hours 55.83 +0.68 +1.23% Click Here for 150+ Global Oil Prices

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Louisiana Light • 2 days 61.39 -0.24 -0.39% Domestic Swt. @ Cushing • 2 days 56.00 +0.75 +1.36% Giddings • 2 days 49.75 +0.75 +1.53% ANS West Coast • 3 days 62.20 -2.53 -3.91% West Texas Sour • 2 days 53.28 +0.68 +1.29% Eagle Ford • 2 days 57.23 +0.68 +1.20% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 2 days 57.23 +0.68 +1.20% Oklahoma Sweet • 2 days 56.00 +0.75 +1.36% Kansas Common • 2 days 49.50 +0.50 +1.02% Buena Vista • 2 days 65.67 +9.92 +17.79% Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Discussion Headlines 1 hour U.S. Jobs In Nuclear And Oil Sectors Pay More Than Renewables 2 hours Biden Is About To Give Heavy Oil Demand A Major Boost 3 hours Texas Freeze To Hit Shell’s Q1 Earnings 5 hours EIA: Gas Prices At the Pump Could Hit 3-Year High 22 hours Oil Prices Under Pressure Following Large Gasoline Build 23 hours Hedge Funds Capitalized On Oil Price Pullback 1 day Canada’s Green Shift Could Displace Three-Quarters Of Oil Workers 1 day Oil Trading Giant Vitol Sees Revenues Drop In 2020 1 day BP On Track To Meet Net Debt Target Ahead of Schedule 2 days U.S. Energy Consumption Saw Biggest Decrease Ever Last Year 2 days Copper Prices Jump After Leading Producer Chile Closes Its Borders 2 days Record High COVID Cases Could Stall India’s Oil Imports 2 days Lawsuits Pour In After Texas Freeze Pushes Bills Sky-High 2 days Tesla Stuns With Record Q1 Delivery Numbers 2 days Suez Canal Traffic Jam Clears 5 days U.S. Govt. Says Federal Land Drilling Program Is “Broken” 5 days Mozambique Says Total’s LNG Project Is Safe From Militants 5 days U.S. And Iran Set To Hold Indirect Talks On Nuclear Deal 5 days India Set To Review ‘Unfair’ Oil Import Contracts With Saudi Arabia 5 days EVs, Smart Appliances Pose Cybersecurity Risks 6 days Oil Demand Boosted By Highest Number Of Flights Since COVID Started 6 days Biden Administration Studies If EVs Can Enter Biofuel Credit Program 6 days Big Oil Beats NYC Appeal On Climate Change Lawsuit 6 days ExxonMobil Set To Outperform As Oil And Gas Prices Climb 6 days U.S. Calls On Saudi Arabia To Ensure Supply Of Affordable Energy 7 days Shock Of The Week: Poll Reveals U.S. Pipelines Aren’t Actually Unpopular 7 days Volkswagen’s EV-Friendly Name Change Was Bad April Fools’ Joke 7 days Chinese Smartphone Giant Makes $10 Billion Bet On EVs 7 days Libya’s Oil Production Set To Stabilize In 2021 7 days China’s Refiners Are An Existential Threat To Regional Competitors 7 days Google, Samsung, BMW And Volvo Support Ban On Deep-sea Mining 7 days MBS: Aramco And SABIC To Lead $1.3 Trillion Investment Push 8 days India Unlikely To Commit To Net-Zero Emissions Target 8 days Oil Prices Under Pressure As API Reports Inventory Build 8 days China’s Coal Power Generation Jumps As Electricity Demand Soars 8 days VW’s Secret Plan To Change To EV-Friendly Name 8 days OPEC+ Excess Oil Production Rises To 3 Million Bpd 8 days U.S. Gasoline Prices Rose For 17 Straight Weeks As Oil Rallied 9 days Iran’s Only Operational Nuclear Power Plant Risks Shutdown 9 days Why The U.S. Senate Is Looking To Support Carbon Capture And Storage 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen. 7 minutes Forecasts for oil stocks. 9 minutes Biden‘s $2 trillion Plan for Insfrastructure and Jobs 13 minutes European gas market to 2040 according to Platts Analitics 4 days U.S. Presidential Elections Status – Electoral Votes 2 days Trump punches back at Fauci and Birx‘s revisionist history (aka lies) 16 hours Biden about to face first real test. Russia building up military on Ukraine border. 17 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10% 4 mins The coming Cyber Attack 3 hours America’s pandemic dead deserve accountability after Birx disclosure 1 day New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2 2 days Beware the Left’s ‘Degrowth’ Movement (i.e. why Covid-19 is Good) 3 days Forecasts for Natural Gas 4 days What Countries Will Fight Over When Green Energy Dominates 6 days CO the new CRAPPIROFORNIA!! BLM to Incorporate Oil, Natural Gas Climate Impacts in Western Colorado RMP Breaking News: U.S. Jobs In Nuclear And Oil Sectors Pay More Than Renewables

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Home Energy Energy-General Haley Zaremba

Haley Zaremba is a writer and journalist based in Mexico City. She has extensive experience writing and editing environmental features, travel pieces, local news in the…

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Share Facebook Twitter Linkedin Reddit Premium Content The Oil Industry Receives An Unexpected Boost From Biden By Haley Zaremba – Apr 07, 2021, 2:00 PM CDT Join Our Community The election of President Joe Biden has been the cause of much hand-wringing in the United States oil and gas sector. The current U.S. president has made clean energy and climate change a central part of his platform, at what many fear will be the expense of shale, one of the nation’s key economic sectors. “Unfortunately, our economic bedrock of oil and gas is under attack by an administration that is bent on eliminating millions of jobs,” Republican Congressman Brian Babin told the public back in February at a press event along with six other Texan lawmakers, as he stood in front of the refineries and petrochemical plants of the Houston Ship Channel. 

This rather alarmist missive came on the heels of the then very new president’s decision to pull the plug on the massive Keystone XL pipeline project on his very first day in office. Babin’s sentiments have been echoed by plenty of oilfield insiders and pro-oil pundits who have not been shy about decrying the new administration’s less than cozy relationship with the shale sector

Home Oil Prices Rig Count Energy Energy-General Oil Prices Crude Oil Heating Oil Gas Prices Natural Gas Coal Company News Interviews Alternative Energy Nuclear Power Solar Energy Hydroelectric Renewable Energy Geothermal Energy Wind Power Fuel Cells Tidal Energy Biofuels Environment Global Warming Oil Spills Geopolitics Africa Asia Europe Indonesia International Middle East North America South America Video Breaking News Premium Articles Community Trade Now My Account Latest Discussions Energy General Oil Stocks & Prices Other Energy Topics Trade Now Get Exclusive Intel All Prices OPEC Blends Canadian Blends U.S. Blends WTI Crude • 10 mins Sell Buy 59.61 +0.28 +0.47% Brent Crude • 10 mins Sell Buy 63.02 +0.28 +0.45% Natural Gas • 10 mins Sell Buy 2.519 +0.063 +2.57% Heating Oil • 10 mins Sell Buy 1.802 +0.008 +0.44% Gasoline • 10 mins 1.950 -0.017 -0.85% Louisiana Light • 2 days 61.39 -0.24 -0.39% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Louisiana Light • 2 days 61.39 -0.24 -0.39% Bonny Light • 2 days 62.24 +0.70 +1.14% Opec Basket • 2 days 61.33 -0.37 -0.60% Mars US • 17 hours 59.48 +0.63 +1.07% Gasoline • 10 mins 1.950 -0.017 -0.85% Click Here for 150+ Global Oil Prices

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Marine • 2 days 61.22 -0.92 -1.48% Murban • 2 days 62.04 -0.49 -0.78% Iran Heavy • 2 days 58.95 +0.45 +0.77% Basra Light • 2 days 62.53 -2.45 -3.77% Saharan Blend • 2 days 61.62 +0.43 +0.70% Bonny Light • 2 days 62.24 +0.70 +1.14% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 2 days 62.24 +0.70 +1.14% Girassol • 2 days 62.43 +0.34 +0.55% Opec Basket • 2 days 61.33 -0.37 -0.60% Click Here for 150+ Global Oil Prices

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Click Here for 150+ Global Oil Prices

Canadian Crude Index • 2 days 49.06 +0.47 +0.97% Western Canadian Select • 13 hours 49.53 +0.68 +1.39% Canadian Condensate • 13 hours 58.33 +0.68 +1.18% Premium Synthetic • 13 hours 59.73 +0.68 +1.15% Sweet Crude • 13 hours 56.88 +0.68 +1.21% Peace Sour • 13 hours 55.53 +0.68 +1.24% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 13 hours 55.53 +0.68 +1.24% Light Sour Blend • 13 hours 56.83 +0.68 +1.21% Syncrude Sweet Premium • 13 hours 61.33 +0.68 +1.12% Central Alberta • 13 hours 55.83 +0.68 +1.23% Click Here for 150+ Global Oil Prices

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Louisiana Light • 2 days 61.39 -0.24 -0.39% Domestic Swt. @ Cushing • 2 days 56.00 +0.75 +1.36% Giddings • 2 days 49.75 +0.75 +1.53% ANS West Coast • 3 days 62.20 -2.53 -3.91% West Texas Sour • 2 days 53.28 +0.68 +1.29% Eagle Ford • 2 days 57.23 +0.68 +1.20% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 2 days 57.23 +0.68 +1.20% Oklahoma Sweet • 2 days 56.00 +0.75 +1.36% Kansas Common • 2 days 49.50 +0.50 +1.02% Buena Vista • 2 days 65.67 +9.92 +17.79% Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Discussion Headlines 1 hour U.S. Jobs In Nuclear And Oil Sectors Pay More Than Renewables 2 hours Biden Is About To Give Heavy Oil Demand A Major Boost 3 hours Texas Freeze To Hit Shell’s Q1 Earnings 5 hours EIA: Gas Prices At the Pump Could Hit 3-Year High 22 hours Oil Prices Under Pressure Following Large Gasoline Build 23 hours Hedge Funds Capitalized On Oil Price Pullback 1 day Canada’s Green Shift Could Displace Three-Quarters Of Oil Workers 1 day Oil Trading Giant Vitol Sees Revenues Drop In 2020 1 day BP On Track To Meet Net Debt Target Ahead of Schedule 2 days U.S. Energy Consumption Saw Biggest Decrease Ever Last Year 2 days Copper Prices Jump After Leading Producer Chile Closes Its Borders 2 days Record High COVID Cases Could Stall India’s Oil Imports 2 days Lawsuits Pour In After Texas Freeze Pushes Bills Sky-High 2 days Tesla Stuns With Record Q1 Delivery Numbers 2 days Suez Canal Traffic Jam Clears 5 days U.S. Govt. Says Federal Land Drilling Program Is “Broken” 5 days Mozambique Says Total’s LNG Project Is Safe From Militants 5 days U.S. And Iran Set To Hold Indirect Talks On Nuclear Deal 5 days India Set To Review ‘Unfair’ Oil Import Contracts With Saudi Arabia 5 days EVs, Smart Appliances Pose Cybersecurity Risks 6 days Oil Demand Boosted By Highest Number Of Flights Since COVID Started 6 days Biden Administration Studies If EVs Can Enter Biofuel Credit Program 6 days Big Oil Beats NYC Appeal On Climate Change Lawsuit 6 days ExxonMobil Set To Outperform As Oil And Gas Prices Climb 6 days U.S. Calls On Saudi Arabia To Ensure Supply Of Affordable Energy 7 days Shock Of The Week: Poll Reveals U.S. Pipelines Aren’t Actually Unpopular 7 days Volkswagen’s EV-Friendly Name Change Was Bad April Fools’ Joke 7 days Chinese Smartphone Giant Makes $10 Billion Bet On EVs 7 days Libya’s Oil Production Set To Stabilize In 2021 7 days China’s Refiners Are An Existential Threat To Regional Competitors 7 days Google, Samsung, BMW And Volvo Support Ban On Deep-sea Mining 7 days MBS: Aramco And SABIC To Lead $1.3 Trillion Investment Push 8 days India Unlikely To Commit To Net-Zero Emissions Target 8 days Oil Prices Under Pressure As API Reports Inventory Build 8 days China’s Coal Power Generation Jumps As Electricity Demand Soars 8 days VW’s Secret Plan To Change To EV-Friendly Name 8 days OPEC+ Excess Oil Production Rises To 3 Million Bpd 8 days U.S. Gasoline Prices Rose For 17 Straight Weeks As Oil Rallied 9 days Iran’s Only Operational Nuclear Power Plant Risks Shutdown 9 days Why The U.S. Senate Is Looking To Support Carbon Capture And Storage 4 mintues Texas forced to have rolling brown outs. Not from downed power line , but because the wind energy turbines are frozen. 7 minutes Forecasts for oil stocks. 9 minutes Biden‘s $2 trillion Plan for Insfrastructure and Jobs 13 minutes European gas market to 2040 according to Platts Analitics 4 days U.S. Presidential Elections Status – Electoral Votes 2 days Trump punches back at Fauci and Birx‘s revisionist history (aka lies) 16 hours Biden about to face first real test. Russia building up military on Ukraine border. 17 hours Simple question: What is the expected impact in electricity Demand when EV deployment exceeds 10% 4 mins The coming Cyber Attack 3 hours America’s pandemic dead deserve accountability after Birx disclosure 1 day New German Study Shocks Electric Cars: “Considerably” Worse For Climate Than Diesel Cars, Up To 25% More CO2 2 days Beware the Left’s ‘Degrowth’ Movement (i.e. why Covid-19 is Good) 3 days Forecasts for Natural Gas 4 days What Countries Will Fight Over When Green Energy Dominates 6 days CO the new CRAPPIROFORNIA!! BLM to Incorporate Oil, Natural Gas Climate Impacts in Western Colorado RMP Breaking News: U.S. Jobs In Nuclear And Oil Sectors Pay More Than Renewables

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Forget OPEC Production Cuts, It’s Exports That Matter All eyes were on the…

France Pushes To Make Nuclear Power Mainstream In Europe French President Emmanuel Macron is…

Goldman Sachs Sees Large Oil Demand Rebound This Summer Goldman Sachs is still bullish…

Home Energy Energy-General Haley Zaremba

Haley Zaremba is a writer and journalist based in Mexico City. She has extensive experience writing and editing environmental features, travel pieces, local news in the…

More Info

Share Facebook Twitter Linkedin Reddit Premium Content The Oil Industry Receives An Unexpected Boost From Biden By Haley Zaremba – Apr 07, 2021, 2:00 PM CDT Join Our Community The election of President Joe Biden has been the cause of much hand-wringing in the United States oil and gas sector. The current U.S. president has made clean energy and climate change a central part of his platform, at what many fear will be the expense of shale, one of the nation’s key economic sectors. “Unfortunately, our economic bedrock of oil and gas is under attack by an administration that is bent on eliminating millions of jobs,” Republican Congressman Brian Babin told the public back in February at a press event along with six other Texan lawmakers, as he stood in front of the refineries and petrochemical plants of the Houston Ship Channel. 

This rather alarmist missive came on the heels of the then very new president’s decision to pull the plug on the massive Keystone XL pipeline project on his very first day in office. Babin’s sentiments have been echoed by plenty of oilfield insiders and pro-oil pundits who have not been shy about decrying the new administration’s less than cozy relationship with the shale sector.

That sentiment is understandable, with Biden’s Energy Secretary pick Jennifer Granholm issuing an ultimatum to the oil industry to adapt or die . Granholm emphasized that the world is moving away from oil and toward clean energy. “I’m not going to sugarcoat how hard transitions are,” Granholm said at IHS Markit’s annual CERAWeek conference last month, acknowledging that the clean energy transition will be anything but easy for the United States shale patch. “The bottom line is this particular growth of clean energy and reduction of carbon provides a huge opportunity and I’m extending a hand of partnership,” she said. 

Related Video: How To Love Pipelines and Fear Climate Change

  Despite this rhetoric, it seems that the Biden administration is now throwing the oil industry a bone. The president’s much-touted infrastructure initiative is going to call for asphalt – lots and lots of asphalt – in an unexpected boon for the domestic oil sector. Last week Biden presented his $2.25 trillion infrastructure proposal that will provide a number of economic opportunities for oil, including $115 billion allocated to roads and bridges, and an additional $16 billion to get out of work oilfield laborers back into paid positions plugging abandoned wells across the United States

The biggest opportunity, however, lies in the sky-high asphalt demand embedded in the infrastructure spending bill. The biggest winners may not be in the domestic market though. Since asphalt is derived from “the heaviest and most-dense material in a barrel of crude” this development could stand to benefit Canada’s struggling oil sands the most, which will be ecstatic for any new market for their heavy crude bitumen. 

Related: OPEC+ Was Wise To Ease Output Cuts Despite Demand Concerns

In fact, while the Biden administration is charging full steam ahead on the clean energy transition, with massive investments into electric vehicles and renewables, it’s clear that they have been listening to the oil sector and have been making a concerted effort not to leave oilfield workers behind. “Since taking office two months ago, Biden’s been more boon than bane for a fossil-fuel industry that was wary of the ascendance of a politician bent on accelerating the energy transition,” Bloomberg reported last week, citing Goldman Sachs’ assertion that Biden has been bullish for oil overall. 

The jobs can’t come fast enough. “Home to the world’s third-biggest oil workforce, the U.S. saw an 11% cut to headcount in 2020 that reduced the ranks of employed to just under 1 million,” Bloomberg reports. “Another 10,000 or so job cuts are expected this year.” While the Biden administration has been straightforward that there will be oilfield industry casualties from the green energy transition, so far it does seem that they’re doing what they can to soften the blow. It appears that even the infrastructure investments into renewable energy will benefit oilfield workers in the end – and ultimately large oil states like Texas will play a major role in the future of wind , solar , and energy storage in the U.S. 

By Haley Zaremba for Oilprice.com

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