Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Biden Official Heckled by Oil Group After Urging Shale Boost

Published 12/07/2021, 12:32 AM
Updated 12/07/2021, 12:32 AM
© Bloomberg. David Turk, acting deputy executive director of the International Energy Agency, speaks via video conference during a Senate Energy and Natural Resources Committee hearing in Washington, D.C., U.S., on Tuesday, June 16, 2020. The hearing will examine the impacts of Covid-19 on the energy industry.

(Bloomberg) -- The Biden administration’s No. 2 energy official was heckled at an international oil conference after admonishing U.S. drillers to step up production in the industry’s de facto hometown.

Deputy Energy Secretary David Turk told shale explorers on Monday that the government already has done its part to lower fuel prices by offering up part of its strategic crude reserve.

“Now there’s needed leadership by our domestic producers,” Turk said in opening remarks at the World Petroleum Congress in Houston. “The reality is the Biden administration is not standing in the way of increasing domestic oil production to meet today’s energy needs.

His remarks provoked a heckler in the audience: “Why don’t you help us then?”

Turk, whose comments preceded presentations by the chief executives of Exxon Mobil Corp (NYSE:XOM). and Chevron Corp. (NYSE:CVX) -- the nation’s largest oil explorers -- came on the same morning that refiners’ bids for crude from the strategic reserve were due.

“The top 54 publicly traded companies earned over $30 billion in the second quarter of this year, slightly more than just before the pandemic, and production has not yet recovered,” Turk said.

©2021 Bloomberg L.P.

© Bloomberg. David Turk, acting deputy executive director of the International Energy Agency, speaks via video conference during a Senate Energy and Natural Resources Committee hearing in Washington, D.C., U.S., on Tuesday, June 16, 2020. The hearing will examine the impacts of Covid-19 on the energy industry.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.