Rep. Kevin Brady, R-Texas, says it is “unacceptable” for America to “beg” enemies for oil.
Exxon Mobil CEO Darren Woods said on Monday that oil producers are trying to increase production to meet demand as prices continue to rise, but doing so was difficult even before the Ukraine crisis due to a lack of US investment during the COVID-19 pandemic.
In addition, the US government withdrew support for the industry due to the cancellation of the Keystone pipeline, among other things.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES PETROLEUM FUND LP | 82.37 | +2.91 | +3.66% |
Darren Woods, Chairman and CEO of Exxon Mobil Corp., speaks at the 2022 CERAWeek S&P Global Conference in Houston, Texas on Monday, March 7, 2022. (F. Carter Smith/Bloomberg via Getty Images/Getty Images)
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBILE CORP. | 87.11 | +3.00 | +3.56% |
“Exxon is working to maximize production to help meet rising global oil demand as Russian production declines,” Woods said at the CERAWeek by S&P Global conference in Houston. “These efforts are in line with Exxon’s existing goals to increase production in the Permian Basin through significant equipment changes. It’s a pretty big effort, but we’ve been doing it for quite some time now. I know others in the industry have similar goals. goals”.
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“What you see on the world stage today reflects the interconnectedness and challenges of the energy industry,” Woods said. “The impact is being felt globally and in our industry.”
Darren Woods, Chairman and CEO of Exxon Mobil Corp., during S&P Global’s 2022 CERAWeek Conference in Houston, Texas on March 7, 2022. CERAWeek personally returned to Houston to celebrate its 40th anniversary with this theme (Photographer: F. Carter Smith/Bloomberg via Getty Images/Getty Images)
He added that “the war highlights the need for global energy security.”
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ExxonMobil announced last week that it would halt oil production in Russia and halt new investment in the country after Russian President Vladimir Putin invaded Ukraine, joining other energy giants in shutting down operations in Russia due to the attack.
But the moves come in an already tight oil market as prices continue to rise, with U.S. crude approaching $120 a barrel and U.S. gasoline averaging $4.065 a gallon on Monday.
| Ticker | Security | past | Change | Change % |
|---|---|---|---|---|
| UGA | UNITED STATES PETROL FUND LP PARTNER UNITS | 62.93 | +0.96 | +1.54% |
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Meanwhile, the Biden administration is considering a ban on Russian oil imports, but is hesitant to do so due to concerns about global supplies and the threat of further price increases.
David Aaron of FOX Business, Andrew Murray and Reuters contributed to this article.