President Joe Biden has been criticized over his perceived hostility against the oil industry.
Many companies have seen their values soar since Biden has been in office.My columns tend to generate a lot of “passionate” responses from viewers. I try to correct misconceptions, as well as false statements and beliefs about the energy industry. But, in doing so I hear from the very people who hold and promote those beliefs.
First, we can agree that people are paying far more for gasoline under President Biden. We could discuss the reasons, but it is a fact that prices are much higher. In turn, inflation is soaring.critical of the shutdown There is an index that is commonly used as a stock market benchmark for oil and gas producers. It’s called the
Some will claim that this was because of the Covid-19 pandemic. Actually, at the beginning of 2020 — before the first case of Covid in the U.S. — the XOP was at $90.00. So it was already down by 40.6% prior to the pandemic. Even if you look all the way back to the previous summer, the XOP was trading at around $105-$110, still well below the value when Trump took office.
Some of the conservatives that get this far will be angry, wondering “Why are you defending Biden?” I’m not. I am correcting a misconception. Biden is not the reason their share prices soared. They soared because oil prices soared. .President George W. Bush was widely viewed as an oilman, with an oilman for a vice president in Dick Cheney. Yet, U.S. oil production declined while they were in office.
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