DUG Permian, Eagle Ford: Chevron Answers Political Criticism Over High Oil Prices

The Biden administration mistakenly believes that the shale industry can "just run out, set up a bunch of rigs and grow production over night,” said Steve Green, president of Chevron's North America E&P division, speaking at Hart Energy's DUG Permian and Eagle Ford conference.

Chevron Answers Political Criticism Over High Oil Prices

Chevron and other Big Oil companies have come under fierce criticism by Democrats that they are artificially keeping prices high, which those companies say is not true. (Source: askarim/Shutterstock.com)

After taking political fire that oil and gas companies haven't responded to commodity prices as they should, Steve Green, president of Chevron's North America E&P division, said he has recently spent time in the nation's capital trying to explain it's not that simple.

Chevron and other Big Oil companies have come under fierce criticism by Democrats that they are artificially keeping prices high, which those companies say is not true.

Even as Chevron announced at the end of April that it would increase production by 15%—a 5 percentage point increase from its initial 10% growth forecast—Green told an audience at Hart Energy's DUG Permian and Eagle Ford conference on May 17, that everything takes time, even ramping up shale production.

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Darren Barbee

Darren Barbee is senior editor for Oil and Gas Investor magazine.