The U.S. could return to being a net importer of crude oil from OPEC if the Biden administration enacts fracking bans, according to Scott Sheffield, CEO of shale giant Pioneer Natural Resources Co.

Sheffield made the assertion during the CERAWeek by IHS Markit virtual conference, claiming the U.S. could eventually import up to 70% of its crude oil from the Middle East should restrictions on pipeline development and a ban on fracking in the U.S. be imposed through federal mandates.

“We’ve reached in my opinion energy independence,” Sheffield said. “We’ve reached it now and we’re going back to the old ways where we’re importing 65%-70% of crude from OPEC if there is follow through on the [fracking] ban and not allowing anymore production.”

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