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Sitting on potentially huge amounts of natural gas we all -- that.
But to get -- you have to -- that will be hydraulic fracturing blasting water and some chemicals into shale rock to release the oil and gas.
The process has been blamed for both tremors some water pollution -- what is blamed -- Will the Obama administration allow it full steam ahead.
Joining us now is Robert points from the Manhattan institute -- your -- -- on all things energy.
Will that the Obama administration.
Take the plunge and -- yes get out that run Phrack.
-- Stewart I think they already have.
If you follow what the president has been saying and you look at the trends in the oil and gas sector where.
Last year we had record or natural gas production.
Just yesterday the IEA said that the US could surpass the saudis.
In oil production within five years.
That the Obama administration as it is on record supporting hydraulic fracturing and recall when the president -- the Democratic National Convention.
He mentioned jobs a one time and the industry that he mentioned when he talked about jobs was natural gas.
Isn't that isn't the fracking that would doing in America isn't that taking place on private land which is not subject to federal regulations.
And if you try to do it on federal land you can't do it because of the regulations imposed by the Obama administration.
Well it will earlier this year Stewart -- the Obama administration and they -- Interior Department to be more specific.
Did issue or proposed rule that would require disclosure of the chemicals used in hydraulic fracturing.
Win drilling is done on public plans but.
My bottom line here is that it's it's clear the EPA the Interior Department.
May impose some more regulations on drilling.
Both nationally and on federal lands and -- but it cannot and will not stop all the momentum that's happening in the upstream oil and gas sector.
Just too big I wasn't expecting you to say this but -- basically saying yet fracking is -- it -- it expands and will be the method by which America overtake Saudi Arabia in oil production.
In the year 2020 -- it's gonna happen is that.
That there's no question Stewart the work.
That the developments in the US oil and gas industry that happen in the last four years the development of and and perfection really have extended reach horizontal drilling.
And hydraulic fracturing.
This is the most important energy development in the US and I would even argue the world since the discovery of the east Texas field in 1930.
And and and kudos to Obama he gets it and they're not trying to stop it now New York -- -- the you know that's a different story.
Yeah Robert I just want to ask about the EPA retired by the Interior Department.
One of the problems with the EPA is is as -- mentioned it's it's new restrictions on the fracking process and it wants to supplant state regulators every state has its own version of the EPA the feds want a bigger foot the state regulators to prevent the kind of fracking that's leading to the developments we're talking about don't think.
They do well and it will look that's not clear that the EPA wants all of that authority.
The industry calling all understand what gives you any indication that that's true because they -- EPA has been extending its authority every chance they get.
But the reality is the states are doing a good job and the industry to its credit is already doing a lot of the disclosure that -- the environmental groups want so.
I think EPA is is mindful of what the that the economic boom that's under -- remember Obama -- in Ohio and Pennsylvania those are two states.
Absolutely critical for his election but those are also the states were oil and gas development -- -- -- so hit hit hit it win in those areas where all the jobs have been greater roll quick.
My I guess to your point the administration will use the threat of the EPA.
To probably shake down the natural gas industry for more money -- at the bottom line.
Well perhaps -- look I think what's going to happen we're gonna see some modest increase in regulation both at the state and federal levels.
Both are likely.
But again I think what's what we're seeing already is such incredibly positive news such incredibly positive news for the economy for jobs for for balance -- trade.
That the Obama administration would be east would be -- foolish actually Hussein.
To try and stop it.
It -- it is ironic is that that fossil fuels and natural gas is a fossil fuel could actually.
Bailout the Obama administration on jobs and the economy that I find fascinating.
But it's -- it that's what's gonna happen.
Well I think it's already under way in quick facts -- Four years ago today gas -- Nat gas was selling for about six and a half today it's about three and a half.
That reduction of about doing is saving the US economy about 200 million dollars a day.
That's about seventy billion dollars a year this is real savings -- the US economy.
And it's coming out of and it at at the very critical time Robert -- Manhattan institute thanks as always for joining us actual.
Thanks a million sure atop a.
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