The Presidency of Barack Obama ends in less than 60 days.
Depending on who you ask, he’s either been a fantastic President or one of the worst ones, but today I want to focus on something else. I want to focus on what he’s accomplished regarding the U.S. oil and gas industry.
He Doubled Oil Production
From the get-go, there are a few interesting facts that might surprise you. Did you know that American oil production nearly doubled under President Obama? In 2009 the U.S. was pumping 5.1 million barrels of oil per day, and by April of 2015 we were pumping 8.9 million barrels per day.
In fact, America pumped more oil than we have in 43 years during 2015.
Neutral on Fracking
CNN reports the Obama administration has remained neutral on fracking. In fact, fracking contributed to the recent oil glut we’ve experienced in America. Some of his critics say Obama could’ve regulated fracking more, but the prosperity still would’ve occurred regardless of regulation.
Regulation In The Gulf
After Deepwater Horizon, Obama placed a temporary moratorium on Gulf of Mexico drilling, but it has since rebounded. It’s actually on track to break a record next year for production.
The Keystone Pipeline Veto
In the first major veto of his Presidency, Obama decided to pass on approving a bill to construct the Keystone Pipeline. He said it played an overinflated role in U.S. politics and wouldn’t necessarily harm the environment nor create jobs as much as expected.
Promises To Cut Carbon Emissions
In 2014, President Obama struck a deal with China to drastically reduce carbon emissions 26-28 percent compared to 2005 levels. Obama also planned to raise the Corporate Average Fuel Economy to 35 miles per gallon, which was a 40 percent increase from 2009 levels.