Under each of the three most recent presidencies, Republican and Democratic alike, U.S. oil and gas production was higher at the end of the administration’s term than at the beginning.
That production has both pros and cons. Together, oil and gas account for nearly three-quarters of U.S. energy consumption. Producing oil and gas in the U.S. provides energy security, and high production generally keeps prices down. Burning oil and gas, however, releases carbon dioxide into the air, contributing to climate change. And natural gas is mostly methane – another potent greenhouse gas.
As a scholar who works on both energy and public policy, I follow the federal government’s actions involving oil, gas and coal. With Trump and Harris facing off in the November presidential election, let’s take a look at how each influenced fossil fuel production and emissions.
Boosting and restricting oil and gas drilling
Both the Trump-Pence administration and the Biden-Harris administration took actions that supported additional oil and gas drilling. Both also took actions that restricted additional oil and gas drilling.
Trump has been aggressively pro-fossil fuels in his rhetoric and actions, dating back to his first run for office. Under his administration, the federal government leased more land for drilling in the Arctic National Wildlife Refuge, the National Petroleum Reserve-Alaska and in the Utah wilderness.
The Trump administration also opened more U.S. coastal waters for oil and gas leasing, but Trump later rolled this back, banning coastal drilling for 10 years in the eastern Gulf of Mexico and the Atlantic coasts of Florida, Georgia and South Carolina. At the time, opposition to drilling in those states threatened several Republican candidates’ 2020 election bids.
The Biden-Harris administration focused on clean energy and climate change. It issued several regulations targeting fossil fuels, including efforts to reduce methane leaks from natural gas pipelines and increasing the royalties that companies pay for production on federal lands. In 2021, it issued a moratorium on new federal leases for oil and gas, but that was blocked by a federal judge.
Russia’s invasion of Ukraine in 2022 led to greater energy demand from Europe. Natural gas has to be liquefied to ship it overseas, however, and the U.S. has limited export capacity. To send more supply to Europe, the U.S. had to reroute natural gas exports intended for other countries.
Drilling technology has been an important driver of the industry’s success.
U.S. oil production had reached a peak in 1970 and went into a slow decline that lasted more than three decades. It was widely believed that the U.S. had pumped its best reservoirs and that the country would be inexorably dependent on foreign oil.
Then, in the early 2000s, innovations in hydraulic fracturing and horizontal drilling changed everything. These techniques gave drillers access to previously hard-to-reach fossil fuels and opened up opportunities for oil and gas drilling at lower cost and in greater quantities. Since around 2009, U.S. oil production has surged.
Natural gas followed a similar trajectory. U.S. natural gas production had peaked in 1972 and leveled off. But with fracking, natural gas production has risen since around 2005. Trump supports fracking. Harris opposed fracking in the past, but she told CNN in August 2024 that she won’t ban it.
What about coal?
U.S. coal production is a different story. It peaked in 2008 and has been going down sharply since then.
Coal is more susceptible to government actions than oil and gas – 40% of it is produced on federal land, compared with 24% for oil and 11% for natural gas. And it has seen federal policy swings.
Presidents’ actions can matter for the industry’s future, but the major factors in U.S. oil and gas production so far have been increased production efficiency, increased global demand and the lower cost of natural gas compared with coal.
By Gary McWilliams and Marianna Parraga HOUSTON, Sept 24 (Reuters) – Tropical Storm Helene was expected to turn eastward on its track through the Caribbean and into the Gulf of Mexico, increasing...
The National Hurricane Center warns that Tropical Storm Helene is is forecast to rapidly intensify as it approaches the southeastern United States. Forecasters predict Helene will reach major hurricane status...
The National Hurricane Center (NHC) has issued a warning about a potentially dangerous weather system approaching the Gulf Coast. The disturbance, soon to be named Hurricane Helene, is rapidly intensifying...
September 23, 2024
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