The Biden administration had indeed introduced a lot of red tape into the energy industry that has made it more difficult for companies to expand their operations—yet they still managed to do it and bring oil and gas production to new highs. Price, however, seems to remain a rather sensitive subject. The industry has not hidden its reluctance to drill at will just because Trump is president; instead, it has indicated that it will stick to its new focus on fiscal discipline and making shareholders happy. Indeed, the industry’s agenda here is at odds with the president’s, since his involves cheaper energy.
