Energy Leaders Rebuke Biden Admin's Policies Amid Congress Trades
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The one issue that the Biden Administration has raced to implement is sustainable energy in the US. In a recent report covering the stakes of the upcoming US presidential elections, jobs in the clean energy industry grew by a reported 4.5%, and there is promise to save as many as 200,000 lives from rising pollution rates in the near future.
However, in a recent development on September 17, 2024, Tuesday, the 2024 Gastech Conference kicked off; the four-day event is the biggest meeting for energy advancements attended by international leaders and executives in the energy industry. During the event’s seminar on day one, Executives from some of the top US energy providers took to the stage where they all voiced their agreement on one major issue: the U.S. government lacking a clear and cohesive energy policy.
Energy executives like Lorenzo Simonelli CEO at Baker Hughes (BKR:US), CEO Michael Wirth of Chevron Corp (CVX:US), and Ryan Lance CEO of ConocoPhillips (COP:US) criticized the Biden administration, arguing that delays in approving energy projects, such as gas exports, and the slow pace of permitting reforms, are hindering economic development.
ConocoPhillips’s Mr. Lance emphasized the urgent need for the U.S. to implement permitting reforms and improve infrastructure to facilitate energy exports and development.
At the same conference, Chevron CEO Michael Wirth criticized President Biden's natural gas policies, particularly focusing on their impact on artificial intelligence (AI) and energy markets. Citing data from the International Energy Agency (IEA), Wirth pointed out that coal combustion contributed over a third of global greenhouse gas emissions in 2022. He suggested that switching from coal to gas could significantly reduce carbon emissions and called this shift one of the greatest potential carbon-reduction initiatives.
Both ConocoPhillips and Chevron are among the energy industry's top companies, with their current Market cap standing presently at $126.13 billion and $263.29 billion respectively. Moreover, the relationship between U.S. politics and the energy industry is underscored by recent Congressional trading activity involving shares of major energy companies.
Notably, COP and CVX stocks have seen significant trades by U.S. politicians in 2024. Since March 2024, lawmakers like Rep. Michael McCaul and Rep. Jonathan Jackson - who also sits in the Sustainable Energy and Environment Coalition (SEEC) - sold their shares in COP, while high-profile figures such as Sen. Tommy Tuberville and Rep. Chip Roy sold their holdings in CVX. These actions reflect the intersection of energy policy, market movements, and political decision-making, revealing the broader stakes in the ongoing energy debate.
