WorldOil Harold Hamm projects $6 gasoline under Joe Biden’s energy regime Biden’s plans would have uneven impacts within the oil and gas sector, particularly hurting companies with significant investments on federal land. Other producers, such as Pioneer Natural Resources Co. and Hamm’s Continental Resources, which do not have federal oil leases, might see their holdings swell in value. API fact-checks the presidential debate’s energy positions The American Petroleum Institute corrected the record on discussions about a fracking ban, implementing a carbon-free power sector by 2035, replacing natural gas and oil jobs with clean energy jobs, and policies to reduce CO2 emissions. Lower Mexican output in 2021 will raise Canadian heavy oil prices Oil sands producers will benefit from less output of competing crude from Latin America as Pemex expects to cut exports while Venezuelan supplies remain off limits due to U.S. sanctions. Exxon CEO reveals layoffs as low oil prices drive “tough decisions” Exxon’s stock has plunged 52% this year and the company all but ended its aggressive, $30 billion-a-year counter-cyclical growth strategy. Rivals such as BP and Chevron have also announced large layoffs in recent weeks. Oil and gasoline futures dive on mounting U.S. stockpiles Domestic gasoline inventories rose 1.9 million barrels last week, the biggest increase since May, while a measure of gasoline consumption slid to the lowest since late September, according to an Energy Information Administration report. The mounting fuel supplies and lackluster demand may worsen during the normally sluggish winter driving months. U.S. shale mergers reshuffle the oil production landscape “There’s only going to be three or four independents that are investable by shareholders” after the recent market rout, Pioneer CEO Scott Sheffield said on a conference call with analysts. “The best companies have been picked off the past few weeks.” Recent deals reveal a buyer’s market for shale operators Concho Resources Inc., an early explorer of the Permian basin’s once-coveted oil riches that was worth $32 billion just two years ago, is selling for $9.7 billion in stock. ConocoPhillips is paying a meager 15% premium over Concho’s closing price on Oct. 13, the last trading session before Bloomberg News first reported the companies were in talks. Biden’s green energy plan seeks to end natural gas use within 15 years The former vice president’s efforts to walk a tightrope on gas reflect the fossil fuel’s precarious place in the economy. For now, it’s an essential part of American life. Pressures from inside and outside OPEC+ compel a new production plan With oil stuck at around $40, and more supply coming online from Libya, the cartel is now under pressure to revise its plan to ease those output cuts. It has already relaxed them by about 2 million barrels a day, and is due to add another 1.9 million in January. Russian oilfield services CEO projects further drilling cuts in 2021 The nation’s producers, which have reduced oil drilling by as much as one-third so far this year, may cut it by a further 20% in 2021, said Vitaly Dokunikhin, CEO at Eriell Russia.