“The reality is the Biden administration is not standing in the way of increasing domestic oil production to meet today’s energy needs,” Deputy Energy Secretary David Turk asserted at the World Petroleum Congress in Houston last week. Really? He might want to check with John Kerry.
The president’s climate envoy has been pressuring banks and financial institutions to reduce their commitments to U.S. oil and gas companies and join the Net-Zero Banking Alliance, which would hobble the ability of oil and gas companies to increase production. Citi, Wells Fargo, Bank of America, Morgan Stanley, Goldman Sachs and JPMorgan Chase signed on to the alliance this year.
Mr. Kerry’s efforts didn’t go unnoticed. In April, members of the Senate Banking Committee sent him a letter expressing concern that he had “been pressuring banks to make extralegal commitments regarding energy-related lending and investment activities” that would result in “higher energy costs for American consumers.”
In May, 15 state treasurers sent a letter to Mr. Kerry observing that he and other members of the Biden administration are “privately pressuring U.S. banks and financial institutions to refuse to lend to or invest in coal, oil, and natural gas companies, as part of a misguided strategy to eliminate the fossil fuel industry in our country.” They urged banks and financial institutions “not to give in to pressure from the Biden Administration.”