ConocoPhillips CEO: Not much conversation between oil industry and Biden Administration

Gas prices hit $4.17 per gallon nationally on Tuesday: AAA

Until Russia invaded Ukraine there wasn’t much conversation taking place between the energy industry and the Biden Administration. 

That’s the view of ConocoPhillips CEO Ryan Lance. 

Ticker Security Last Change Change %
COP CONOCOPHILLIPS 90.98 +1.17 +1.30%

"I think it's starting to ramp up, unfortunately, I couldn’t have said that two or three weeks ago. I think wasn't much conversation going on with our administration and in our industry" said Lance during a Q&A moderated by Daniel Yergin at the CERAWeek by S&P Global" conference in Houston. "Certainly, I'll speak for myself and our company, but I think that has ramped up as sort of this whole conversation around national security and energy security is clearly moving, moving to the forefront."

Lance also cautioned the Russia-Ukraine situation may not resolve itself in the short term. 

"We need to start planning. What does it mean around energy security and national security? You need to think about it in the context of more than just a few months, if you know, heaven forbid this last year or more" warned. 

Lance, was not directly asked about President Biden's move to ban all Russian oil imports. 

EXXON MOBIL CEO SAYS OIL COMPANIES WERE IN TOUGH POSITION BEFORE UKRAINE-RUSSIA WAR

Ticker Security Last Change Change %
UGA UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS 70.26 +2.44 +3.60%
USO UNITED STATES OIL FUND L.P. 81.67 +1.32 +1.64%
BNO UNITED STS BRENT OIL FD LP UNIT 33.34 +0.60 +1.83%

GAS PRICES HIT FRESH RECORD

The energy giant has $91 billion in total assets across 14 countries and employs 9,000 workers. 

Oil prices hovered around $126 per barrel Tuesday, while the national average for gas prices hit a record $4.17 a gallon, per AAA. 

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Shares of ConocoPhillips have gained 36% this year through Tuesday while the S&P 500 has declined 12%. 

EDITOR'S NOTE:

*This story has been updated to clarify Lance's comments from the moderated Q&A. In response to a question on a potential ban of energy exports, Lance said it would be the ‘stupidest' move. Lance and ConocoPhillips fully support President Biden's ban on Russian energy imports which was announced Tuesday.