U.S. Oil and Gas Association President Tim Stewart joined Saturday’s “CavutoLive” and warned that the Biden administration’s energy policies would increase the oil crisis and “compound” the problem.
TIM STEWART: I realize that the Secretary of Interior is very much on message with the rest of the Biden administration…which is we all pay 50% more for 80% less…she was very clear that’s what she was going to do for those oil and gas operators who were interested in doing work on federal lands, that we should be prepared to pay about 50% more in royalties and other fees that we already pay. We will have access to only 20% of the acreage we have submitted to the secretary to explore for potential oil and gas opportunities.
This raises the fundamental question: When we are in crisis like this, does this policy have any effect on increasing production? The answer is no…it will only make the problem worse. Right now, we have a short-term shortage of production. Yesterday’s announcement by the Secretary will help push this problem beyond three to five, seven, and ten years.
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