Ukraine Conflict's Impact on US Oil Policy

On February 26, 2022, the New York Times wrote that US oil producers are urging the Biden administration to authorize more drilling in the country.

The Ukraine conflict and sanctions on Russia will dramatically tighten global oil reserves, they say, and the US must respond by producing more crude.

The Times story includes an interview with Azimuth Advisor Aseem Prakash, who predicted the Biden administration would not openly flout existing environment commitments, such as its ban on the Keystone oil pipeline from the Canadian oil sands.

Instead, Prakash said,"there could be surreptitious rollbacks, like less aggressive measures in terms of oil or shale leases."

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