President Obama has described his energy policy as “all of the above.” His opponents have called it “picking winners and losers.” In practice, it has been driven by two major changes in the nation's energy landscape: a boom in private domestic oil and natural gas production, and concerted federal promotion of renewable energy development. This article focuses on the oil and gas industry. Specifically, it looks at expected policy changes that will redefine how oil and gas drilling practices are regulated under federal environmental laws, as well as the impact of increased oil and gas production in driving new infrastructure and facilities proposals needed to deliver these energy resources to market. Finally, the article discusses the tension between two stated policies of the Obama administration: fighting climate change by reducing greenhouse gas emissions and increasing oil and gas production to promote economic growth and energy independence.
President Obama is expected to address a broad array of energy and energy‐related policies during his second term—particularly those that relate to the dramatic surge in domestic natural gas and oil production. Not since the first OPEC oil embargo in 1973–74 has the United States been presented with the opportunity to dramatically reduce its dependence on foreign energy suppliers. The United States is projected to become a net exporter of natural gas by 2020.1 America is similarly projected to become the largest global oil producer around 2020, and a net oil exporter by 2030.2
On June 25, 2013, President Obama unveiled his Climate Action Plan (Plan), which calls for a broad range of administrative actions aimed at curbing greenhouse gas emissions, promoting renewable energy generation, encouraging energy efficiency, and adapting to the seemingly unavoidable consequences of climate change.
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