By the time President-elect Donald Trump gets into office next year, he’ll have inherited a slew of regulations directed at the oil and gas industry from President Obama. With recent news stories highlighting Obama’s decisions about the Keystone XL Pipeline, we decided it’s high time to go over a few of his efforts to regulate the oil and gas industry.
Let’s take a look at a few of those standouts below.
The Clean Power Plan – August 2015
Aiming to cut carbon dioxide emissions by 32 percent in twenty-five years, the Clean Power Plan was the cornerstone of President Obama’s efforts against climate change. Under the law, the EPA will set goals for states, tribes, and U.S. territories, and the states and tribes will figure out how they’ll meet those goals heading into the future.
Fracking Allowed On Public Lands – March 2016 – June 2016
In March of 2016, the Obama administration issued new legislation providing new hurdles for businesses wanting to frack public lands. It required companies to disclose the locations of faults and fractures, the depths of usable water, and the depth of estimated fluid volume that was going to be used on public lands. It was also going to require companies to reinforce boreholes to prevent water leakage.
The legislation was met with criticism from all sides and got struck down by a judge in Wyoming three months later.
Drilling On Coasts Closed Down
In 2011, President Obama shut down all drilling on the east and west coasts of the United States. Despite the reality of these harsh regulations, the rules are set to expire in 2017.
Striking Down The Keystone XL Pipeline
Making headlines recently, the Obama administration decided to shut down construction on the Keystone XL Pipeline extension. President Obama said, “this pipeline would neither be a silver bullet for the economy, as was promised by some, nor the express lane to climate disaster proclaimed by others.”
The pipeline would’ve run through Baker, Montana, where it would’ve collected light crude oil from the Bakken formation for speedier transport to US consumers.
US Arctic Drilling Frozen
On December 20th, President Obama partnered with Canadian Prime Minister Justin Trudeau to freeze offshore leasing in the United States’ arctic waters. This includes waters that are practically off the entire top part of Alaska, as well as 31 biologically diverse Atlantic Canyons off the coast of Delaware and New Jersey.