White House senior energy security adviser Amos Hochstein said on CNBC’s “Squawk Box” on Wednesday that oil companies “can now invest in short cycles that will increase production, rather than trying to generate more revenue,” and that the Biden administration “try to accelerate the energy transition.”
Hochstein said: “We both know that inland mining in the United States is a short cycle. They can now invest in short cycles that will increase production. And with these numbers, at these prices, they are guaranteed to profit from these investments today. Hence, more income. And instead of trying to share that with shareholders, which I understand with the momentum, and instead of buying back shares and paying higher dividends, I think it’s fair at this point in history to ask them to invest now with returns. However, we do know that producing onshore shale oil in the United States will make a profit in a short cycle, and indeed, CEOs Joe – some of these CEOs recently, namely Mike Wirth at Chevron, have publicly announced that they will increase production.
“What happens in external years? Yes, we will try to accelerate the energy transfer.”
Source: Breitbart
