- Analysts say the combination of Obama’s plans truly represent an “all-of-the-above” approach.
- Natural gas, out off all the different energy players, natural gas seems to have won the most.
- The oil industry, Obama offered new leases in the Gulf of Mexico and pledged to open 75% of the country’s resources for drilling, which reflects a prior commitment made by the President.
- Oil and natural gas production has jumped 14% and 10% respectively, according to the Energy Information Administration.j
- For renewables technologies like wind and solar, Obama called for extending tax credits that basically give these firms a 30% subsidy.
- Electricity from solar and wind has risen three-fold since Obama took office, according to those industries’ trade associations.
- Coal and nuclear are the only two fuels that didn’t garner an outright mention but the bipartisan Policy Center’s Bledsoe said the administration is on track to give the final OK on an $8 billion loan guarantee for a new nuclear plant in Georgia sometime in the next few weeks.
- The consumer: While prices for oil, which trades globally, remain relatively high, natural gas prices have plummeted, largely as a result of production increases.
- EIA estimates the country’s oil production will grow another 20% by 2020 & due to that and higher fuel efficiency standards the United States will go from importing 49% of its oil in 2010 to 38% by 2020.
- “Ultimately, consumers will be the beneficiaries of these policies,” said Mayer Brown’s Valera. “And when the consumer at large wins, businesses of all type win.”
The President has restated previous commitments and offered new policy plans that appeal to both political parties. These policies can be reached if professionalism prevails to take advantage of this out-stretched hand for long awaited compromise. While many of us with ever-present environmental concerns for continued oil & gas development this balanced approach to the country’s overall energy policy is the pragmatic solution.