We keep hearing about how the war in Ukraine is going to exacerbate the oil issue even further by disrupting Russia’s oil exports…but nobody is talking about the fact that the US still produces more oil than every other country in the top 10 oil producers.
One of the reasons this point isn’t well known is the fact that fracking–the industry that put us ahead of the pack in recent years–has been limited by the Biden administration due to environmental concerns.
It’s an understandable stance to take. Have you seen the fracking process to pull oil out of shale?
We’re literally ripping apart rock to allow oil and natural gas to escape. There’s bound to be some sort of effect on the earth, so those concerns are understandable.
In times of peace, we should be doing all we can to protect our environment until renewable energy tech becomes fully viable.
That being said…we’re not in a time of peace.
There is a growing chorus of voices in both the oil industry and the US federal government asking President Biden to put environmental concerns on the back burner for now and start renewing the fracking leases that were banned back in 2021.
The post “Bring Back Shale!” A Solution To The Energy Crisis? appeared first on Money & Markets, LLC.