Oil and Gas Industry Thrives Under Obama’s Watch

Despite the fact that the oil and gas industry has flourished under the watch of President Obama, the nation's biggest fossil-fuel trade group didn’t fail to include a swipe at his policies in its latest annual state-of-the-industry report.

So what have they got to complain about? Not much, as the past seven years has seen on-shore US oil production spike by 82%. The dramatic rise represents a near record high, with natural gas contributing largely to the national surge.

Obama fronts US fracking movement

Rather than shut down the hydraulic fracturing that has unlocked natural gas trapped in impenetrable rock formations, Obama has actively rallied for the process. It’s all part of his commitment to paving the way for a greener, sustainable and renewable future.

Yet despite his support of fracking, the Obama administration also gave the go-ahead for drilling projects in the Arctic Ocean.  This opened up new opportunities for oil and gas ventures in Atlantic waters, mush to the disgust of environmentalists. While it was a seriously controversial move, it has helped to boost the USA oil and gas economy. Obama also signed a measure that permitted the export of US crude after a ban had been in place for almost 40 years.

"Given an administration that was so committed to combating climate change, they have coexisted pretty peacefully with the industry, despite all the protestations," states former energy diplomat for the State Department, David Goldwyn. "And the best metric is just look at the production."

Policies take fair share of criticism

Of course, Obamas policies aren’t without criticism, with the American Petroleum Institute accusing the administration of adding to the industry’s regulatory burdens. The body also targeted the Clean Power Plan, claiming that Obama’s bid to slash power sector greenhouse gas emissions is simply disguising the government’s efforts to “pick winners and losers in the energy market.”

Obama has heavily influenced the oil and gas sector during his time in office, and this includes the petrochemical industry. For more insight into his attempts to boost health and safety standards, ‘Multi-Layered Gas & Flame Monitoring Protects As Well As Prevents Accidents at Petrochemical Plants’ is a perceptive read. It analyses the 400+ petrochemical accidents that have occurred in the US over the past two years, despite the fact that Obama issued an executive order in August 2013 to help improve petrochemical safety policies. It asserts that even the most meticulous of safety policies should still be backed with advanced multi-layered gas and flame monitoring equipment designed to mitigate the risk of serious explosions and fires at petrochemicals plants.

Image via Flickr Creative Commons. Photo credits: mirsasha