WTI Crude

Loading...

Brent Crude

Loading...

Natural Gas

Loading...

Gasoline

Loading...

Heating Oil

Loading...

Rotate device for more commodity prices

Alt Text

A Freeze Won’t Do – OPEC Needs To Cut Production

Algeria’s energy minister has expressed…

Alt Text

Oil Prices Rebound On Falling Gasoline Futures

Oil prices rebounded on Tuesday…

Oil Industry CEO Claims Democrats Have Done More For Oil

Mike Sheffield Pioneer

With the Republican National Convention set to wrap up on Thursday, and the Democratic National Convention getting ready to kick off in Philadelphia next week, one prominent oil executive is noting that the industry has fared better under Democrats than Republicans.

Scott Sheffield, CEO of Pioneer Natural Resources, says that he has noticed the trend during his 42 years in the business.

That may sound strange considering the two parties’ diverse platforms when it comes to energy. The Republican party is touting deregulation and has said that it does not support the Paris Climate Accords. Going a few steps further, the party has plans to defund renewable energy, and open public lands and the outer continental shelf to drilling. Additionally, the party also wants to leave the regulation of fracking and drilling to the states, and increase oil and gas exports.

Conversely, the Democrats are calling for an 80 percent reduction in greenhouse gas emissions and oppose the expansion of oil and gas production. They also want to phase down energy production on public lands. The party supports the inquiries into the alleged “climate change cover-up” by Exxon Mobil, and wants to see the nation using only renewable energy by the middle of the century. Related: Trump vs Clinton: How Will Energy Fare?

Comparing the two platforms, the GOP clearly appears to be the ally of the oil and gas industry. However, Sheffield says that under President Obama, Pioneer became the fifth largest company in the S&P in 2014. The company has since lost that slot due to the drop in oil prices.

During a visit to the Center for Strategic and International Studies, Sheffield said that one should not assume that the industry would automatically throw its support behind Donald Trump, who was officially named the GOP candidate for president Tuesday evening.

When asked, Sheffield said that he would support a carbon tax, if it were applied globally, adding that such a tax, if only levied on U.S. producers, would cause them to shift their business overseas. He added that the industry would work with the new president to educate him or her on the domestic oil industry.

By Lincoln Brown for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • JP DeCaen on July 20 2016 said:
    If Trump's free-for-all gives the oil industry a bad name, as it almost certainly would, that would seal its fate. The public backlash would be phenomenal. Being a responsible corporate citizen only makes business sense . Just ask BP. "Be careful what you wish for".
  • Mike Wallins on July 21 2016 said:
    Yes, the 10 dollars/bbl oil in the 90s during the Clinton administration were "good" for oil. The recent crash in price has been "good" for oil. The guy at Pioneer is a Democrat so he will back into whatever conclusion he prefers.

    If you work in the industry as I do then you can see the enormous amount of regulation in place and the huge wave coming, thanks to the Democrats.

    I am glad that he allows me to eliminate Pioneer as an investment option.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News