SNVVF - US oil industry extends another olive branch to Washington

Shortly following Russia's invasion of Ukraine, the CEOs of Pioneer (PXD) and Devon (DVN) indicated they were willing to work with Washington in a coordinated effort to increase US oil (USO) and gas (UNG) supply. Washington responded with an historic release of strategic oil reserves, Congressional price gouging hearings, calls for a windfall tax, and discussion of export restrictions. Tuesday, Chevron (CVX) CEO Mike Worth wrote a letter to President Biden, highlighting the company's 50% increase in capital investment during 2022, 15% Permian oil production growth, and rising refinery runs. Noting that "we need an honest dialogue on how to best balance energy, economic and environmental objectives...we can only meet these challenges by working together."     Last week, in response to Biden's letter to industry, Exxon (XOM) also released a statement. Noting that the company invested double what it earned over the past five years, in the US. Exxon (XOM) provided short-term

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US oil industry extends another olive branch to Washington