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Both of the serious Republican candidates (at this point), Newt Gingrich and Mitt Romney, have publicly announced their support of increased land access and drilling to further develop the nation’s large oil and gas reserves. Both have supported continuation of tax breaks for certain exploration and drilling scenarios. Libertarian Republican candidate Ron Paul has supported the same.
President Obama also has a plan to secure America’s energy future. Oil and gas does not figure largely in his plan. Instead, the President is determined to push alternative, renewable sources of energy. It could be a laudable plan, if it were realistic. Unfortunately, it is not realistic. The timeframe to develop reliable renewable energy to supplant significant amounts of current fossil energy use runs into decades, according to the government’s Energy Information Agency. While playing up the potential of shale gas in the U.S., Obama recently rejected the Keystone XL pipeline on environmental grounds. The pipeline, planned to connect the Alberta oil sands with the Texas Gulf Coast refining network, would have brought about 750,000 bopd into the country.
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