President Biden’s move to ban all Russian oil imports failed to impress ConocoPhillips CEO Ryan Lance, who didn’t hold back on his opinion.
It’s “the stupidest thing you could ever imagine,” said Lance during a Q&A moderated by Daniel Yergin at the CERAWeek by S&P Global conference in Houston. He warned that “it is incredibly shortsighted and may actually have the opposite effect of what they think will happen.”
|UGA||UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS||64.99||+2.25||+3.59%|
|USO||UNITED STATES OIL FUND L.P.||85.46||+3.06||+3.71%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||35.72||+1.56||+4.57%|
Lance went on to detail how imports and exports allow for the global crude community to be “interconnected,” which can produce price stability.
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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Lance also bemoaned the cold shoulder the energy industry has been given until the Russia-Ukraine crisis erupted.
“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. “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 the 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 lasts a year or more,” he said.
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Shares of ConocoPhillips have gained 36% this year through Tuesday while the S&P 500 has declined 12%.