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Oil and natural gas executives should be careful what they wish for. Big Oil has chafed under President Biden, who has trash-talked fossil fuels and aggressively pushed to decarbonize the US economy.
Using his statutory authority under the Outer Continental Shelf Lands Act, Biden has permanently halted oil and gas development along the entire U.S. East Coast, the eastern Gulf of Mexico along ...
Many oil CEOs have also grown their own fortunes during the Biden administration. Chevron CEO Mike Wirth saw his compensation grow 17%, from $22.6 million in 2021 to $26.5 million in 2023.
Later, in February, the Biden administration suspended any further oil and gas leases on public lands. The decision came after a Trump-appointed judge reversed the social cost of carbon of $51 per ton—the figure established by Obama and restored by Biden—back to $7 per ton which had been Trump's cost estimate.
Federal offshore areas withdrawn from oil and gas leasing. The United States offshore drilling debate is an ongoing debate in the United States about whether, the extent to which, in which areas, and under what conditions, further offshore drilling should be allowed in U.S.-administered waters.
The economic policy of the Joe Biden administration, colloquially known as Bidenomics (a portmanteau of Biden and economics), is characterized by relief measures and vaccination efforts to address the COVID-19 pandemic, investments in infrastructure, and strengthening the social safety net, funded by tax increases on higher-income individuals and corporations.
Critics accuse President Joe Biden of waging a war on the oil industry that is hurting consumers at the gas pump. And yet, on his watch, US oil production is poised to shatter all-time records set ...
Yet gas prices hit $5 per gallon last year, their highest level ever in the US, as tight oil supplies and the Russia fear premium pushed oil prices well over $120 per barrel. Biden now clearly ...