Biden's Energy Policy A 'Death By A Thousand Cuts,' Says Oil Boss As Trump Seeks To Court Industry Overwhelmed By Regulation

Energy investors have had a strong start to the year, with the Energy Select Sector SPDR Fund XLE up over 10% already. However, energy executives do not seem to credit it to the policies of Joe Biden.

Biden's energy policies, including tailpipe emission regulations intended to shift Americans toward government-subsidized electric vehicles, halting of new LNG licenses, and restricting of offshore drilling, have infuriated some in the oil industry.

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Steve Pruett, chief executive of Elevation Resources, called the administration's policies a "death by 1,000 cuts" and "the worst presidency with regard to energy policy I've ever seen."

This frustration has paved the way for Donald Trump to seize an opportunity. According to reports, Trump controversially sought to recently raise $1 billion from big oil CEOs to help finance his presidential bid.

Some liberal networks have voiced outrage at the alleged meeting, such as MSNBC accusing Trump of seeking a "quid pro quo" to "gut climate laws in exchange for $1B from oil bosses."

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Ironically, U.S. oil and gas output has hit record highs under Joe Biden, who has flip-flopped his views on the industry out of necessity after fearing voter frustration with higher energy prices sparked by Putin's invasion of Ukraine.

Biden, who once chastised Exxon for making "more money than God," soon paradoxically called on energy companies to increase production while lowering their profits.

Andrew Gillick, managing director for the energy consultancy firm Enverus, summed it up by saying Biden "campaigned on a pledge to address climate change and make significant changes to oil and gas policies, yet through this first term, profits and production for these companies have both boomed."

While many surely wish to move away from oil and gas, the economic feasibility of doing so soon is questionable. 

Warren Buffett, famous for his long-term horizon for the stocks he owns, has sizable positions in energy giant Chevron CVX, as well as in Occidental Petroleum OXY, a clear bet he does not expect the need for fossil fuels to disappear anytime soon despite anyone's wishes otherwise.

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