Stephanie Myers from One America News Network sat down with Jay R. Young, CEO, King Operating, and talked about the current situation with gas, oil, gasoline, and international geopolitics.
Partial Automatic Transcript Below:
Stephanie Myers, OAN, Host [00:00:24] Of course, the Biden administration has been adamantly against fossil fuels. Biden himself essentially canceled the Keystone XL pipeline when he revoked a permit needed for the project. And now he’s considering closing the Line five oil pipeline in Michigan as a gas and oil expert. What’s your take on all this?
Jay Young, CEO, King Operating Corporation [00:00:44] Well, you know when they take things away when regulations get tougher, it’s harder for us as an oil and gas company operating to drill into our budgets together to drill for oil and gas, it is tougher. I mean, it’s like the permits that they’ve shut out in the very beginning. The pipelines, you know, everybody talks about green, green, green. We’re not going green anytime soon. And I’ve coined the term be greener because we will go greener in the future. But right now, we need oil, and we need it in a bad way, and we’re going to need it for 10 15 more years, which will be our peak demand for oil right now. So we need it, and we’re not doing it.
Like Exxon made $6 billion last quarter, and they spent. How much are they going back into the ground? Not much. They spent 10 billion buying back their shares because of people on their board, their shareholders saying, Let’s don’t drill. Let’s give that money back to investors. But let’s don’t drill for oil or gas, which you know in the spirit of things, that was good. That’s the cards great, but it’s just not going to come around as soon as everybody thinks it is. And in the meantime, the next three to five years, we’re going to hurt, and we’re going to pay more at the gas pump because we’re not drilling simply because we’re not drilling regulations. Money’s not there. You know, these shareholders and everybody else. I talked to someone else from Devon Energy and asked him, Are you guys going to increase your rigs because you’ve got some great properties to drill in the Permian Basin? Are you guys going to pick up four or five rigs? And I said, Man, no. Our shareholders are warning us to stay where we are. They don’t want us to increase. They want us to, you know, not do what we love doing, which is the drill, drill for oil and gas.