In 2019, Trump Yapped Re. "Golden Era" Of Energy; In 2020, The Full Extent Of The Damage Now Visible
It was just over a year ago that President Trump announced, “The golden era of American energy is now underway,” saying that his policies focused on exploiting oil, gas, and coal were “unleashing energy dominance.” What a difference a year makes. On July 10, the Financial Times ran an article with a headline that asked, “Is the party finally over for U.S. oil and gas?” And there is no doubt that it has been quite a party for the last decade. At least, for the fracking executives who have enriched themselves while losing hundreds of billions of dollars investors gave them to produce oil and gas. Meanwhile, profits never materialized. Lately, prospects for the broader fossil fuel industry look more like lead than gold.
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President Trump’s 2016 campaign was backed heavily by the oil and gas industry, with strong support from fracking CEOs like Continental Resources' Harold Hamm. The story of record American oil production due to fracking was even being touted by President Obama, who rightfully took credit for the fracking boom that occurred on his watch. That's despite President Trump recently taking credit for it as well. But as we have documented over the last two years at DeSmog, the fracked oil industry has been a financial failure for more than the past decade. The industry produced record amounts of oil and gas but lost huge sums of money in the process. And now even industry leaders are admitting the U.S. oil industry has already peaked, a little more than a year after President Trump declared the beginning of the “golden era.”
In extensively detailing the failures of the shale oil and gas industry, The New York Times recently noted, “The industry’s decline may be just beginning.” It cites industry analysts' predictions that as many as 250 oil and gas companies could file for bankruptcy by the end of 2021. The U.S. fracking boom gave President Trump and many others the confidence to talk about unleashing America’s energy dominance. Yet today, the industry is a financial disaster, and even its leaders are admitting its best days are behind it.
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Weeks after President Trump's “golden era” statement, the U.S. Department of Energy put out a now-famous press release touting the future of U.S. liquefied natural gas (LNG) exports and referring to LNG as “freedom gas” and “molecules of U.S. freedom.” America is awash in natural gas from the fracking boom. That includes the gas that shale drillers intentionally sought out, as well as the large amounts of “associated gas” that comes from fracked oil wells. Due to this oversupply, at times the price for natural gas in the Permian region of Texas has gone negative. With so much cheap natural gas in America, the industry has been racing to build out hugely expensive LNG export terminals and the supporting infrastructure needed to export this gas to the world. However, as DeSmog reported in May, the U.S. is just one of many countries flushing the global market with LNG, and the economics here no longer pencil out.
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https://www.desmogblog.com/2020/07/25/trump-golden-era-energy-lead-fracking
