There’s No Debate that Fracking Increases America’s Energy Security
Presidential candidates Donald Trump and Hillary Clinton will square off for their second debate this Sunday, and they’ll certainly disagree on most issues.
But both Democrats and Republicans can agree that fracking is significantly reducing our imports from OPEC nations, thereby greatly increasing our energy security.
“U.S production of oil and natural gas is important. I would rather us, with all the safeguards and standards that we have, be producing our oil and gas rather than importing it, which is bad for our people, but also potentially purchased from places that have much lower environmental standards than we do.”
Donald Trump, the Republican nominee has long touted the energy security benefits of domestic energy production, saying,
“Fracking will lead to American energy independence. With price of natural gas continuing to drop, we can be at a tremendous advantage.”
Clinton’s campaign chair John Podesta has explained the important role of fossil fuels in America’s energy portfolio, saying “Keep-It-In-The-Ground” activists are “completely impractical”:
“If you oppose all fossil fuels and you want to turn that switch off tomorrow, that is a completely impractical way of moving toward a clean-energy future. With all due respect to my friends in the environmental community, if they expect us to turn off the lights and go home, that’s sort of an impractical suggestion.”
OPEC, of course, tried to drive out U.S. shale in late 2014 by increasing production and lowering prices, shifting its policy from price protection to protection of its share of the market. But the tactic has failed miserably, as the U.S. shale industry has proved resourceful and resilient. As the National Review put it,
That war was supposed to collapse America’s fracking industry. Instead, as reported on OilPrice.com, “Saudi’s entire economy is collapsing” — and they are desperate to push oil prices back up again.
The U.S. Energy Information Administration has long noted that while rig counts have lowered, crude oil production has continued to be strong, as producers have implemented technological efficiencies that allow for a greater production from a single well. As economist Ambrose Evans-Pritchard stated in the Telegraph,
“The Saudis took a huge gamble last November when they stopped supporting prices and opted instead to flood the market and drive out rivals, boosting their own output to 10.6m barrels a day (b/d) into the teeth of the downturn.
Bank of America says OPEC is now ‘effectively dissolved.’ The cartel might as well shut down its offices in Vienna to save money.”
Business News Network reporter Jameson Berkow put it well,
“I have absolutely no idea how OPEC can remain relevant…It’s simply not relevant anymore and it’s amazing. I don’t think amazing is a strong enough word.”
There’s no debate that fracking is a boon to our energy security, and we can only expect it to strengthen in the years to come.