NewsEnergy CEOs Seek Clarity on U.S. Energy Policy Ahead of Elections

Energy CEOs Seek Clarity on U.S. Energy Policy Ahead of Elections

Felicity Bradstock

Felicity Bradstock

Felicity Bradstock is a freelance writer specialising in Energy and Finance. She has a Master’s in International Development from the University of Birmingham, UK.

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By Felicity Bradstock – Nov 01, 2024, 6:00 PM CDT

  • Energy company executives are calling for greater clarity and consistency in US energy policy to support ongoing and future investments.
  • The Biden administration’s actions, such as the temporary pause on LNG exports, have created uncertainty in the industry.
  • The upcoming presidential election further adds to the uncertainty, as the two candidates have differing views on energy policy and climate change.

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Energy companies are increasingly calling on the U.S. government for greater consistency in the energy policy to sustain the tidal wave of funding that has been seen in the last couple of years. In October, Mike Wirth, the CEO of the U.S. oil major Chevron, called for more consistency in the U.S. energy policy. Wirth stated, “What really matters is consistent and coherent energy policy.” Wirth added, “Affordable and reliable energy is essential to keeping inflation at a level that economies can handle – and that’s why we need investments, and we need stable policy to encourage that investment.” 

In the lead-up to the presidential election, Wirth emphasized that energy is a critical part of the global economy and suggested that if supplies are limited due to political actions, it could trigger inflationary reactions worldwide. He also said that the world is highly reliant on the U.S. market, and energy companies want to be certain when making long-term investments. Wirth said that he wants a candidate who believes in free markets, competition, and “the economic vitality of this country” to be voted into office, regardless of the party they represent. 

In September, several U.S. energy leaders complained about the lack of clarity and consistency in U.S. policies for natural gas during Gastech 2024, held in Houston. Several executives from oil and gas companies criticised the Biden administration for going back and forth on decisions over natural gas exploration, production, and exports. 

Lorenzo Simonelli, the CEO of Baker Hughes, stated, “It would appear we do not have a cohesive, collective decision on how policy should be rolled out and also the sustainability of that policy for sustainable energy development.” Meanwhile, Ryan Lance, the CEO of ConocoPhillips, was critical of the government’s pause on new U.S. LNG permits. Lance said, “You gotta stop this crazy LNG pause from going forward. We absolutely need permitting reform, and we need more infrastructure.” 

Chevron has diversified its investments to develop clean energy projects but continues to back the expansion of natural gas, viewing it as a transitional fuel that will be critical to U.S. energy security for years to come. This is the case for several U.S. oil majors who plan to continue expanding their natural gas sectors,

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