CEO STATEMENT ON PRESIDENT BIDEN’S REMARKS ABOUT GAS PRICES

“Once again, the Biden Administration is calling for punitive actions against the oil and gas industry for political purposes instead of working with the energy industry to produce real solutions for our nation’s energy security.”

“For almost two years, industry has sought out Administration officials and laid out actions they could take to help alleviate tight supplies. But instead of working with us, they want to work against us. Oil companies do not set gas prices or oil prices, global commodities markets do. When demand increases and supply is tight, prices increase.”

“To alleviate the burden of tight energy markets, the Administration must support pro-growth policies that lead to increased oil and gas investment and production which would benefit the United States as well as our allies. Instead, they have constrained the industry that they now blame. The U.S. energy industry is producing at almost pre-pandemic levels under policies that work against them to meet the ever-increasing global demand, all while reducing emissions.”