The recent announcement that President Biden will not run for re-election and has endorsed Vice President Kamala Harris has significant implications for the oil and gas industry. Harris, known for her strong stance against fossil fuels, is perceived as a formidable opponent by industry supporters. During her tenure as Attorney General of California, she took legal action against oil and gas companies, including prosecuting a pipeline company over an oil leak and investigating Exxon Mobil for allegedly misleading the public on climate change.
Harris’s opposition to fracking and her ambitious $10 trillion climate plan for net-zero emissions by 2045 further highlight her commitment to stringent environmental policies. These positions worry many in the oil and gas sector, who fear that her presidency could mean stricter regulations and policies aimed at reducing reliance on fossil fuels.
Representative Jared Huffman supports Harris’s approach, emphasizing the need for leadership that will hold the fossil fuel industry accountable. On the other hand, Brook Simmons, President of the Petroleum Alliance of Oklahoma, criticizes the Biden-Harris administration for what he sees as a strategy to undermine the U.S. oil and natural gas industry, its workers, and the overall energy security of the country.
This development indicates that the oil and gas industry might face increased regulatory challenges and a continued push toward clean energy under a potential Harris administration.
In conclusion, the endorsement of Kamala Harris by President Biden signals potential challenges ahead for the oil and gas industry. Harris’s track record and her commitment to aggressive climate policies indicate a possible continuation and intensification of the regulatory pressures seen under the current administration. Industry stakeholders should prepare for a landscape that emphasizes accountability and a shift towards renewable energy, which could significantly impact operations, investments, and overall strategy in the fossil fuel sector.
