U.S. Secretary of Energy promises executives to grow industries faster

Arathy Somasekhar and Liz Hampton

HOSTON, March 9 (Reuters) – Since being identified as U.S. Secretary of Energy, Chris Wright said he intends to speed up allowing and supporting the industry.

His comments were posted at a dinner before the world’s largest energy industry gathering in Houston, in line with President Donald Trump’s efforts to maximize U.S. oil and gas production.

“They are in a hurry,” Bob Dudley, former CEO of BP Capital BP, told Reuters as he left dinner.

“They don’t want years and years of permission to slow things down. The world needs to move quickly, and the United States is known as a very slow country.”

Dudley, of the oil and gas climate initiative, which currently leads the industry, aims to speed up the response to climate change, said he expects he will focus on nuclear development and faster licensing for Wright.

Leaders in the global energy industry are focusing on the backdrop of plummeting oil prices, which could undermine the government’s “drill, baby, drill” policy agenda. Top U.S. energy companies have announced thousands of jobs this year.

Before Trump came to power, U.S. oil and gas production had reached record levels and had little more momentum as prices hovered at their lowest levels in three years. In recent years, as conferences progress, it has become a tradition for executives in the U.S. shale industry to have private dinners.

Sunday’s dinner included U.S. Interior Secretary Doug Burgum, and CEOs of Baker Hughes, Petroleum, Totalenergies, Williams Companies, Petrobras, Eqt Corp and Gunvor Group Ltd.

In the past, these dinners included representatives from the Organization of Petroleum Exporting Countries.

Wright, who previously runs a hydraulic fracturing company in Denver, Colorado, declined to comment when he left dinner. He will meet on Monday.

Discussions at the dinner also focused on the structure of the energy production and the new government’s energy steering committee.

Several participants said the tariffs suspended on neighboring Canada and Mexico were not discussed as Trump has implemented losses in the oil market.

Trump’s trade protectionist trade policies have shocked the market because they will affect economic growth and reduce demand for oil. (Reports by Arathy Somasekhar, Liz Hampton and Rich Valdmanis in Houston; Writing by Liz Hampton; Editing by Jamie Freed)