The Debate on Expanding Oil Production: A Complex Issue

Published: Sep 10, 2024 Duration: 00:03:14 Category: Entertainment

Tags : news Hot News World World News business Health Health News Climate change business news environmental impact economic growth fracking fossil fuels Renewable Energy oil industry Oil Debate Energy Production Sustainable Future Policy Discussion

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recently in a heat debate vice president kamla Harris and former president Donald Trump both emphasized the need to boost oil production this debate comes at a time when oil prices are nearing threeyear lows and gas prices in many parts of the US have dropped below $3 so why this focus on expanding oil production kamla Harris despite her previous criticism of fracking has been a significant player in expanding oil production in 2022 she cast the deciding vote in the Senate to allow new fracking leases Harris has been vocal about her support for clean energy solutions but she also acknowledged that under the Biden Administration the US has achieved record oil production this is a fact that reflects a broader trend of increasing domestic oil supply on the other hand Donald Trump who advocates for a rapid expansion of oil production has been critical of Harris's policies he argues that if Harris were elected her approach would devastate the fossil fuel industry Trump claims that Harris's policies would end fracking in key States like Pensylvania a charge Harris has denied Trump's rhetoric suggests that his administration would reverse current policies and push for more oil production promising that gasoline prices would drop to levels not seen since his presidency however experts areu that increasing oil production dramatically might not be feasible or necessary Andy Lipa president of Lipa oil Associates pointed out that the US is already producing a record 13.4 million barrels of oil per day he noted that raising this figure significantly is challenging because the most productive drilling locations have already been exploited Bob mcnali from Rapid and Energy Group also expressed skeptic ISM about the feasibility of significantly boosting production stating that while the industry operates at full capacity a drastic increas is unlikely Trump's promise to reduce gas prices to below $2 a gallon is problematic historically such low prices were linked to economic downturns or extraordinary circumstances like the pandemic induced recession which led to negative oil prices to achieve similar low prices again we would like need a similar or Worse economic situation something that most would prefer to avoid so while both Harris and Trump have their Visions for us oil production the reality is that the market conditions and production capabilities present significant hurdles the current low prices reflect a balance of supply and demand and any drastic changes in production policy might not yield the expected results the debate underscores the complexity of energy policy and the the challenges of aligning it with both economic and environmental goals stay subscribed for more videos

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