President Biden had a nine-point plan for energy when he campaigned for president. On his first day in the White House, he started putting the plan into action. He began with the cancelation of the notorious Keystone XL pipeline and since then continued to keep his tough stance on fossil fuels. His tough stance on fossil fuels has been in argument since the beginning.
The benefit of oil producers has been made since the campaign trail. Biden’s fight for less oil and gas and more renewable energy will hurt the U.S. oil and gas producers. However, it will not reduce American demand for oil and gas. Hence, President Biden felt that it would benefit the industry and not just the U.S. industry.
Biden administration’s attitude to Saudi Arabia may have contributed to the Kingdom’s decision to extend its voluntary oil production cuts. It has contributed to the latest price rally. Schork Group recently made the last point to Fox news by Principal Stephen Schork. He said that in addition to making it clear that oil and gas were no longer a priority for the government. Biden’s treatment of Saudi Arabia had resulted in higher prices.