HOUSTON (Reuters) – ConocoPhillips Chief Executive Ryan Lance said while energy security recently has become more important with worries over supply, policymakers need to focus on providing longterm support for fossil fuel, renewables and nuclear development.
The United States has suffered from “poor energy policy, poor regulatory policy” that led to the energy strains now occupying the world’s attention, Lance said at the CERAWeek energy conference.
The U.S. ban on imports of Russian oil announced on Tuesday “makes sense” as a message to Russia, he said. Worries over a lack of supply as more nations shun Russia over its invasion of Ukraine has pushed prices to record levels. Oil on Tuesday jumped 7% to $132 a barrel, up from about $78 a barrel at the end of last year.
(Reporting by Liz Hampton)
