"We are still going to need oil and gas for a while," Biden said during his speech.
Biden's comments were quickly met with a mixed reaction as some Republicans appeared to cheer the remarks.
The president then told an anecdote in which an oil executive asked him why his company should invest in fossil fuel projects in light of the negative business atmosphere for oil and gas projects. Biden said he responded that oil and gas would be needed for years to come.
"They said, 'well, we're afraid you're going to shut down all the oil wells and all the oil refineries. So, why should we invest in them?' I said, 'we're going to need oil for at least another decade and beyond,'" Biden added. Republican lawmakers in the chamber were then heard loudly laughing at the remark, likely because most estimates suggest oil and gas will be required for several more decades before they can be phased out and replaced by green alternatives.
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Published on 2/20/2023 (30 days ago) Oil/Gas