President Bernie Sanders = Much higher gasoline prices

President Bernie Sanders = Much higher gasoline prices

Postby dan_s » Fri Feb 14, 2020 10:09 am

What if Bernie Sanders banned fracking? Hellenic Shipping

Bernie Sanders’ emergence as the front-runner to be the Democratic presidential candidate in this year’s US elections has focused attention on his policy platform. For the US oil and gas industry, the most eye-catching proposal is his plan to ban hydraulic fracturing. A fully implemented national ban would have an enormous impact on US oil and gas production. It is, however, a proposal that would face significant legal and political obstacles. The version of the ban that stands the greatest chance of being enacted, applying only to federal lands, would have a more limited impact. Data on oil and gas assets make it possible to estimate how much production companies would be expected to bring on stream on federal lands over the next few years. The initial indications from Wood Mackenzie’s analysis are that a ban would be a more significant issue for oil than for gas. At a maximum, US oil production could be reduced by as much as 1.2 million barrels per day (b/d). If a new president were able to impose a ban soon after moving into the White House next January, annual Lower 48 crude and condensate production could drop from a currently forecast 10.8 million b/d to 10 million b/d in 2021.
Dan Steffens
Energy Prospectus Group
dan_s
 
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