Balance, inconsistency seen in Biden’s approach to oil, gas

President Joe Biden took a strong stance against fossil fuels right away, essentially canceling the long-simmering Keystone XK Pipeline and implementing a moratorium on all new oil and gas lease sales on federal lands and waters.

Since then though, his administration has refused to oppose other key crude oil pipeline projects, such as the expansion of the Dakota Access Pipeline and the nearly completed Line 3 replacement pipeline from Canada.

Also, while his campaign promised to cancel new oil and gas permits on federal lands, those permits have kept flowing during the ongoing leasing moratorium that's currently being fought in courts.

Supporters say he's taking a balanced approach for a country that still needs oil and gas as it transitions toward more renewables, while critics have called his administration hypocritical or, at best, intentionally inconsistent.

Energy law professor James Coleman joins S&P Global Platts senior editor Jordan Blum to discuss the many legal and policy issues at play under the new administration.

Stick around after the interview for the Market Minute with senior editor Starr Spencer, a look at near-term oil market drivers.