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Biden Official Heckled by Oil Group After Urging Shale Boost

CommoditiesDec 06, 2021 11:27AM ET
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© 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.

Biden Official Heckled by Oil Group After Urging Shale Boost
 

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Comments (4)
mike Panaggio
mike Panaggio Dec 06, 2021 4:12PM ET
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Increase output. With prices over 80.00they could hedhe future production and make a ****** Why fidnt they make the moves yo increase
Michael Mcdonough
Michael Mcdonough Dec 06, 2021 12:17PM ET
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The Biden Adminstration lacks any credibility with many areas ..in particular energy. Refer to his confidants Elizabeth Warren and John Kerry to see what they think of shale and domestic production. End of story thank you.
Barani Krishnan
Barani Krishnan Dec 06, 2021 12:17PM ET
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Kerry is a climate czar and nothing more. Warren is a fruitcake when it comes to understanding the energy markets, Wall Street ... or just about anything. My point is the discussions between Turk and the industry at that conference was positive. No one's stopping shale from working on existing Permian/Bakken leases. The drillers are just being crafty, letting OPEC do the dirty work, blaming the administration for their own inertia and looking like goody boys to their shareholders with the huge profits of the past few quarters.
Barani Krishnan
Barani Krishnan Dec 06, 2021 12:04PM ET
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one voice in the audience, unidentified, qualifies a story of this magnitude? I'm a little surprised at how Bloomberg has blown this out of proportion. I can understand if there was back and forth between the API and Turk. In this case, it looks like the discussion was rather civil. In any case, the administration calling on shale to step up is exactly what API has been asking for. of course, more needs to be done to instill confidence in drillers. But this Bloomberg reporting is certainly out of whack with what happened at that conference.
Nysom Nysom
Nysom Nysom Dec 06, 2021 11:43AM ET
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once I agree with the oil producers
 
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