Industry insider and Oil & Gas Global Network’s Editor-in-Chief Mark LaCour on President Biden’s spending proposal:
My top of mind may not be what people expect. Secretary of Energy Jennifer Granholm said that the oil and gas industry must “adapt or die.” But the fact remains: The industry’s central product, the hydrocarbon molecule, is one of the most valuable tools to mankind, and modern life is impossible without it. Rhetoric aside, our reliance on this molecule, directly and indirectly, will not change anytime soon.
Case in point: A part of the plan includes $115 billion allocated to roads and bridges. That construction is going to need a few billion tons of asphalt. And a primary ingredient in asphalt happens to be crude oil.