Publication date:
June 11, 2024
Current State of the US Oil and Gas Industry under President Biden
The US oil and gas industry has seen record profits during President Biden's administration, despite previous warnings of industry decline.
Oil & Gas
In the last three and a half years, US oil production and profits of top companies have soared, exceeding $250 billion. Factors like Russia's actions, post-pandemic travel demand, and evolving technologies have contributed to this boom, overshadowing direct policy effects. Despite Biden's environmental goals, the industry thrived, outperforming the Trump era. Companies like ExxonMobil, Chevron, ConocoPhillips, EOG Resources, and Schlumberger have seen significant gains. The Energy Select Sector SPDR Fund has risen over 100% post-Biden's inauguration, and major buybacks and acquisitions have characterized the sector's growth. CEOs like Mike Wirth and Darren Woods have notably benefitted from this period. While Biden has made strides in climate actions, like revoking the Keystone XL permit and halting Arctic leasing, his administration's approach to the oil and gas sector remains controversial.