Biden admin presents new challenges for oil and gas industry
Friday, March 26, 2021
Since taking office president Joe Biden and his administration have presented some challenges and created a lot of uncertainty for the oil and gas industry, according to Farm and Dairy.
The first of Biden’s executive orders to impact the industry was the cancellation of the Keystone XL oil pipeline, which would have sent oil from western Canada to Nebraska.
Additionally, Biden placed a moratorium on new oil and gas development on federal lands; rejoined the Paris Climate Accord; set a target to make the U.S. carbon neutral by 2050 and ordered the review of many Trump-era decisions to rollback or revise environmental regulations like Waters of the U.S., methane emissions from oil and gas facilities and the Endangered Species Act.
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Shale FAQ
What is fracking?
Fracking is a slang term for hydraulic fracturing. Fracturing is a process by which highly pressurized fluid is pumped thousands of feet into the ground to fracture rock formations. The goal is to release the natural gas that’s locked inside the rock.
Is it safe?
What most concerns people about fracturing is ground water contamination. The worry is that fractures underground, caused by the process, will extending upwards and into aquifers, releasing gas and chemicals into the ground water supply. There’s been no confirmed reports of such a thing happening. Though surface spills and drill site blowouts can lead to localized environmental concerns.
Will my water catch on fire?
Flammable water is caused by the release of methane gas into a drinking water supply. Methane gas occurs naturally and can be released by any kind of drilling, including water wells. In Pennsylvania officials fined Chesapeake Energy $1 million for contaminating ground water with methane. It was determined that the company had not properly cemented it’s boreholes and gas migrated up the well, between rock and into aquifers.