As the Biden Administration continues to squeeze the fossil energy sector, common sense speaks loud and clear. It takes a brave leader to work against the current, but that’s exactly what Hess CEO, John Hess, stirred away from what corporate woke America is forcing down our throats and kept it real.
Corporate America has come a long way in terms of its commitment to the environment and social responsibility over the past decade. Despite this impressive progress, many CEOs are unapologetically honest about their reliance on oil and gas to conduct business. This type of frankness appears especially notable because it goes against the grain of current corporate expectations.
New Buster reports, there is a culture in corporate America so consumed with environmental, social, and governance standards that it seems profound when a CEO says the obvious on CNBC about the significance of oil and gas.
During the Mar. 7 edition of CNBC’s Squawk Box, Hess Corporation CEO John Hess noted that “oil and gas are going to be needed for decades to come.”
Hess’ comments come as President Joe Biden plans to allow the expiration of an oil and gas development program for the U.S. outer continental shelf.
According to Forbes magazine, “the expiration of the program is troubling as it signals to oil and gas producers – and ultimately consumers – that the government has an antagonistic attitude towards more domestic energy production.”
Hess challenged Biden on his comments during his State of the Union speech at the Energy Summit in Houston.
Despite Biden’s action against oil and gas, at the State of Union even he acknowledged it’s not going anywhere.
The idea of a world without oil and gas is simply unfeasible, especially in the United States. Far from being scarce or depleting, the resources are abundant and our problem isn’t that we don’t have it — it’s how to manage our production and usage most efficiently. President Trump recognized this before it was trendy to do so and his administration abundantly added to the U.S. Strategic Petroleum Reserve in order to give some breathing space between supply and demand. This has paid dividends during treacherous times such as the present, when the value of a barrel of oil has skyrocketed because of this administration’s economic stupidity. Veteran energy experts like John Hess agree that oil is an essential and deep down in his opponent’s lucid moments Biden knows this too.
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