Lance was one of several chief executives who said oil companies had flagged dwindling...
Ryan Lance, of ConocoPhillips, speaks during the “Shaping the Energy Future” panel, on the second day of World Petroleum Congress Tuesday, Dec. 7, 2021, at George R. Brown Convention Center in Houston.Shortages roiling the oil market are the result of poor planning around energy security, said ConoPhillips CEO Ryan Lance.
His comments came during CERAWeek by S&P Global, a weeklong energy conference and one of the largest in the city. Lance was one of several chief executives who said oil companies had flagged dwindling resources months ago, but the world is only reacting now that prices have soared past $100 a barrel."We knew it was a thinly balanced market."Oil companies like his are working to increase production to meet growing demand as Russian oil and gas fall from the market, but they also face supply chain challenges and inflation.Shortages could persist for longer than anyone would like, he said.
Asked what he thinks about a ban on U.S. petroleum exports, as some senators advocated for last year, Lance said such a move would be"the stupidest thing you could ever imagine." "It would be horrific for our consumers," he said, noting different varieties of overseas crude serves America's purpose and vice [email protected]