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Clinton’s energy vision may be key to raising oil and gas prices

Monday, November 7, 2016 by

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Hillary Clinton’s vision for the future of the energy industry has been no secret. She stands behind her initiative to make America a clean energy superpower, which means embracing clean energy sources like solar and wind, strengthening environmental protections, leading the world in reducing carbon dioxide emissions and trying to phase out fossil fuels.

Specifically, Clinton has expressed interest in increasing fracking regulations in an effort to prevent water and air pollution. While some view her stance as bad for the oil and gas industry, the truth is her approach appears much more likely than Donald trump’s to lift consumer prices for gasoline, heating oil and electricity, according to Reuters. Regulation typically increases the cost of production.

On the other end of the spectrum, Donald Trump has promised to unleash an energy revolution by streamlining environmental regulation, easing infrastructure permitting and pulling the United States out of a global pact to reduce the carbon dioxide emissions affecting climate change. Trump believes his push will increase oil and gas drilling and revive the coal mining industry. However, his plan has some holes, which leaves some wondering whether or not he can deliver.

Oil and gas production has increased 70 percent since 2008, which made America the top producer in the world, but also triggered the ongoing slump in prices. Boosting production isn’t likely to push the industry prices back up.

The second flaw in Trump’s plan to revive natural gas drilling is that it would effectively end the coal industry he’s also promised to restore. The two are competing industries, which suggests it’s one or the other.

Additionally, his disbelief in climate change would completely shift the United States’ global stance on the environment and force its withdrawal from the pact agreed on in Paris last year.

Learn more: Reuters > On the ballot: two clashing visions of how America will power its cars, homes

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