The Biden Administration announced a Russian oil ban on Tuesday. President Joe Biden made the announcement from the White House in the morning. Meanwhile, the news did not get a warm reception from ConocoPhillips CEO Ryan Lance. Apparently, there has not been much chatter at all between those in the energy industry like Lance and the Biden Administration. Additionally, there are a lot of issues on the table when it comes to the Russian oil ban. This goes on as Russia continues its invasion of Ukraine.
At a Glance
- ConocoPhillips CEO Ryan Lance had comments about the Russian oil ban.
- President Joe Biden announced the ban on Russian oil from the White House.
- Lance notes that talks between the Biden Administration, energy industry are “starting to ramp up.”
- ConocoPhillips leader notes caution should be taken about Russian-Ukraine conflict.
ConocoPhillips CEO Has Pointed Words About Russian Oil Ban
What does Lance say about this news? “I think it’s starting to ramp up, unfortunately, I couldn’t have said that two or three weeks ago,” he said in a question-and-answer session moderated by Daniel Yergin. It took place at the CERAWeek by S&P Global conference in Houston, a hub for the energy industry.
“I think [there] wasn’t much conversation going on with our administration and in our industry,” Lance said. He continued making comments in connection with the Russian oil ban and the energy industry. “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.”
Ryan Lance Stresses Caution As Russia-Ukraine Situation Continues
Also, the ConocoPhillips CEO also said that caution should be taken. Similarly, those words were connected to the Russia-Ukraine situation which, he says, may not resolve itself in the short term. He made his comments in a story from FOX Business.
“We need to start planning,” Lance said. “What does it mean around energy security and national security?” Ironically, Lance says some more about the context of the conflict. “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.” No direct questions toward Lance involved President Biden and his move to ban all Russian oil imports
ConocoPhillips has $91 billion in total assets across 14 countries and employs 9,000 workers. It’s worth noting that oil prices hovered around $126 per barrel Tuesday. Coincidentally, the national average for gas prices hit a record $4.17 a gallon, per AAA.
As for shares of the company, they have gained 36 percent this year through Tuesday. The S&P 500 has declined 12 percent. In addition, Russia’s invasion of Ukraine is well into its second week.