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US oil CEO warns industry can't pump more natural gas 'on a dime'

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Canary CEO Dan Eberhart acknowledges the U.S. can pump more oil, but 'it's going to take some time.'

But Eberhart says it’s more challenging than ever to do business.

View of the pumpjack in the oil well of the oil field. The arrangement is commonly used for onshore wells producing little oil. Pumpjacks are common in oil-rich areas. "I think the regulatory climate has been a big headwind," he said. "The Biden administration has made it more difficult to be in the oil business.""It's hard to find, stuff from China is taking six weeks, not three, our insurance costs are up, our fuel costs are up, which, pun intended, does affect us, too," Eberhart explained.

Canary’s oilfield, located in the heart of the Marcellus Shale in the northeastern U.S., has the capacity to increase production from 11.6 million barrels per day to 14 or 15 million barrels, but Eberhart put onus on the Biden administration to set the "right structure."

 

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