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CEO of oilfield service business predicts Biden administration will be a boon to oil investors

Investors will see "better returns on captital because the price of oil is actually gonna go higher," Eberhart said during an interview on Just the News AM. 

Updated: December 1, 2020 - 5:40pm

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Dan Eberhart, the CEO of the oilfield service company Canary, LLC, predicts that a Biden administration would benefit oil and gas industry investors even as costs rise for consumers.

During an interview on Just the News AM with Carrie Sheffield, Eberhart explained that he anticipates "the regulatory talk, the climate talk, the anti-fracking talk is gonna crowd out investment in the space and so the folks that are in the space" will receive "better returns on captital because the price of oil is actually gonna go higher." 

"So consumers will end up paying more but it'll be better for investors in the industry in the long term," he said.

Media outlets have projected Joe Biden to be the winner of the 2020 presidential election but President Trump has not conceded in the contest and has made allegations of election fraud.

Joe Biden has chosen John Kerry to serve as Special Presidential Envoy for Climate, a position focused on climate change—Kerry would sit on the National Security Council.

"It ultimately is gonna end up with, you know, costing people more money and I don't think that's what Americans, you know, want in the end," Eberhart said.

 

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