Lest we forget that around 2008, when Barack Obama took office for the first of his two terms as the U.S., the great U.S. shale oil and gas revolution began. Mr Chairman. As seen in the figure below, there was an enormous increase in the production and use of gas under his watch. And the U.S. is the largest producer of oil and gas in the world. As the world’s go-to fuel, gas grew its share of U.S. power generation–its primary field for use–from 21% to 33%, mostly at the cost of coal, from 2008-2016.
The shale boom in the Obama years went beyond what was ever thought possible by the industry itself. DATA SOURCE: EIA; JTC In particular, President Obama has embraced natural gas as an important strategy for reducing greenhouse gas emissions through coal displacement and also promoting intermittent wind and solar power.
Gas emits 50% less CO2 than coal and has few polluting local conditions for clearing hazy city skies.
President Obama was right, and the International Energy Agency clearly cited U.S. shale as the main reason we cut CO2 faster than any other country in “energy history.”
It’s U.S. CO2 emissions are at their lowest level in a generation, mainly due to more natural gas, including renewables, as reported by the United States. Energy Department.
As such, we are already on track to meet our Paris climate obligations years early, despite the fact that the Trump administration is now pulling the nation out of the deal.
Importantly, this total reduction in emissions from the use of more gas to produce energy compares dramatically with other U.S. economy industries that face flat pollution.
In addition, the industry has cut methane emissions to catch lost output and retain a resilience dimension that favours gas over other fossil fuels.
States and producers will continue to make significant progress in addressing the issue of methane, regardless of federal policy in the near future.
And because fracking has made natural gas — a manufacturing feedstock fuel— inexpensive and abundant, U.S. industrial electricity costs are 35-60 per cent lower than those of foreign competitors, and our home prices are just one-third of those in Europe.
Nevertheless, his party’s rising anti-fracking positions for shale oil and gas are the reverse of what was advocated by the Obama administration.
Not surprisingly, a new U.S. Research from the Chamber of Commerce shows how detrimental a ban on fracking would be for us.