By Kevin Crowley, Alix Steel and Guy Johnson on 11/4/2021
HOUSTON (Bloomberg) –President Joe Biden should “back off” from domestic anti-oil policies if he wants to keep crude prices in check, according to one of America’s biggest shale drillers.
“The President is realizing all the efforts when he came into office of stopping offshore leasing, stopping drilling on federal leases offshore, New Mexico, both in the Bakken and the Powder River, have been starting to backfire some,” Pioneer Natural Resources Co. Chief Executive Officer Scott Sheffield said in an interview with Bloomberg TV. “He’s got to back off his rhetoric on federal leases going forward.”
OPEC and allied crude exporters earlier Thursday dismissed Biden’s request that the group accelerate output hikes.