President of Energy company Shell (SHEL.L) U.S. Colette Hirstius has said that Donald Trump government’s decision to stop fully permitted offshore wind energy projects is highly damaging to investment. She recently revealed that energy projects with valid permits should be allowed to continue.
Speaking to the Financial Times in a newly published report, Colette warned that the ongoing political scuffle in America could eventually swing back against the oil and gas sector.
Disclosing that the current uncertainty in the regulatory environment is clearly bad for business, she stated that projects that have been permitted should not be prevented from continuing work.
“I think uncertainty in the regulatory environment is very damaging. However far the pendulum swings one way, its likely that its going to swing just as far the other way.
I certainly would like to see those projects that have been permitted in the past continue to be developed,” she said.
Recall that in August, the Trump administration announced that it was cancelling $679 million in federal funding for 12 offshore wind projects.
The announcement was a major blow to an industry that was key to former President Joe Biden’s climate and energy agendas.
London-listed Shell currently employs over 11,000 people in the U.S. and is the largest producer of oil and gas in the Gulf of Mexico.
