The last presidential debate between the incumbent president Donald Trump and his Democratic challenger Joe Biden have given analyst in the oil and Gas sector some pivotal point on what becomes of the United States Oil industry after the November elections in terms of policy directions. There have been concern about Joe presidency as it relate to the oil and gas sector, but the point is that it is not just Biden that one has to be concerned about, but also the radical leftists behind him, who make up a growing share of “his” Democrat Party.
Base on the exchange between the two contender it could be deduced that Joe want to get rid of the oil industry, this was based on the following exchange between Trump and Biden, transcribed by The Tennessean newspaper (Nashville) and other sources:
Trump: Would you close down the oil industry?
Biden: I would transition from the oil industry. Yes.
Trump: Oh, transition. That’s a big statement.
(Moderator): Why would you do that?
Biden: Because the oil industry pollutes, significantly.
Going further Trump portray his point by saying “That’s the biggest statement. In terms of business, that’s the biggest statement. Because basically what he’s saying is he’s going to destroy the oil industry. Will you remember that Texas? Will you remember that Pennsylvania? Oklahoma? Ohio?”
In response Biden defend his stand’s “He takes everything out of contact, but the point is, look we have to move toward net zero emissions. The first place to do that by the year 2025 in in energy production. By 2050, totally”
Something else that Biden failed to mention, but which goes to the bottom line of every citizen’s household budget, is that his policy positions will increase the cost of all energy to all Americans. Despite his protestations to the contrary in the debate, Biden has been on record quite a few times, saying that he would end hydraulic fracturing. Of course, this means that without fracing available, the U.S. would produce significantly less oil, and be far less energy-independent than the net energy exporter status that it currently enjoys. Indeed, Continental Resources Chairman Harold Hamm said right before the debate that Biden’s plans for discouraging use of fossil fuels would “plunge America back into a depression, and could drive gasoline prices to $6/gal. Whether the price actually hits that level or $5, $5.50, $6.50 or $7, the point is that consumers would take a major hit.
Furthermore, Biden’s policies would require extensive reliance on wind and solar power, which are expensive to build, as well as synthetic and renewable fuel substitutes that are far from being in any meaningful development. Wind and solar are also expensive to maintain.
The Joe policy on the Oil and Gas industry might not go down well to some business men mostly big players in the oil and Gas sector, there might point out security implication and job loss which are all fact, but to the globe it could be argued that the world need a breath of fresh air from oil pollution and the solution or alternative have been out as renewable energy such as wind turban and the rest.