There is one thing preventing energy companies from providing the lifeblood the economy needs to grow healthy again. It isn’t shortage of supply; it is government:
Government regulation is the top risk seen by crude oil and natural gas exploration and production companies, according to a study of annual reports by the top 100 producers done by accounting and consulting firm BDO USA LLP.
The study of annual filings with the U.S. Securities and Exchange Commission also found a large jump in concern over the regulation of hydraulic fracturing, which has become a top method for extracting oil and natural gas from shale formations in the United States, according to BDO.
“A big part of the No. 1 risk is that lurking belief the industry has a target on its back in the eyes of the government,” said Charles Dewhurst, who leads BDO USA’s natural resources practice.
While increased government regulation or new laws limiting energy companies have been an abiding worry for energy producers, increased regulation of fracking, as hydraulic fracturing is called, jumped from a risk seen by just over half of the companies in 2011 to a fear of 74 percent this year.
This year, 63 percent of companies said they said they saw difficulty in obtaining drilling permits, up from 29 percent in 2011.
We are sitting on an ocean of energy. But that doesn’t do us much good if the liberal ideologues who rule us won’t let us access it.
Before his disastrous election, Barack Hussein Obama said,
“We can’t drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times … and then just expect that other countries are going to say OK,” Obama said.
“That’s not leadership. That’s not going to happen,” he added.
That is, he promised to coercively lower our standard of living out of sheer moonbattery. This could be accomplished by making energy costs “skyrocket,” as he also promised to do.
Apparently no one was paying attention. They had better start.
On a tip from Stephanie.