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Oil

Are banks freezing out the US upstream over climate or economic concerns?

Biofuels | Renewables | LNG | Natural Gas | Oil | Petrochemicals | Marine Fuels | Tankers | Crude Oil | Refined Products | Bunker Fuel | Gasoline | Jet Fuel

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Listen: Are banks freezing out the US upstream over climate or economic concerns?

Plunging demand, collapsing prices and a reeling global economy are creating an extremely tough climate for the US upstream oil and gas sector.

US Senator Dan Sullivan, Republican-Alaska, argues another factor is basically kicking the sector while it's down.

Sullivan says some of the largest US banks are no longer willing to lend the sector money -- not because of these economic concerns -- but because of their environmental impact. He and 15 other US senators asked the White House to investigate this practice, which they argue is unfair because the banks are benefiting right now from Congress' coronavirus relief packages.

We also asked Sullivan if Arctic oil is still needed, how Alaskan operations are faring, and his campaign to increase US pressure on the Saudis for the recent oil price war.

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