Drill baby - Why Trump’s return will bring years for natural gas

In October 2008, the economy reeling from the onset of the Great Recession. Oil prices having spiked to $147 per barrel ($211 in today’s money). Vice Presidential candidate Joe Biden was asked during a debate to contrast his party’s energy policy with that of the Republicans. Biden said that their “only answer is drill, drill, drill. Drill baby we must, but it will take 10 years for one drop of oil to come out of any of the wells that are going to be drilled.”

His vice presidential opponent Sarah Palin pounced; “The chant is ‘drill, baby, drill.’ And that’s what we hear all across this country… because people are so hungry for those domestic sources of energy to be tapped into.”

Biden and Obama won that election, though Biden woefully underestimated American ingenuity. During the Obama years drillers boosted natural gas production by 45% to 92 billion cubic feet per day (bcfd), while oil output more than doubled to 9 million barrels per day (bpd).

During the 2008 presidential campaign, Sarah Palin, the then-governor of Alaska and the Republican vice presidential nominee, seized the opportunity to emphasize the urgent demand for domestic energy resources. In her rallying cry, she declared, “The chant is ‘drill, baby, drill.. And that’s what we hear all across this country. It is because people are so hungry for those domestic sources of energy to be tapped into”. This statement resonated with many Americans who were increasingly concerned about rising energy prices and the nation’s reliance on foreign oil. Palin’s remarks highlighted a growing sentiment among the electorate, advocating for the exploration and utilization of domestic energy reserves as a means to achieve energy independence and alleviate economic pressures faced by households across the nation.

Fervent Calls for Increased Drilling

Despite these fervent calls for increased drilling, Joe Biden and Barack Obama ultimately emerged victorious in the 2008 election. Biden underestimated the resilience and adaptability of American ingenuity in the energy sector. The Obama administration witnessed a remarkable transformation in energy production. The advances in technology and drilling techniques led to a significant surge in domestic output. Natural gas production soared by an impressive 45%. It was reaching approximately 92 billion cubic feet per day. On the other hand, oil production more than doubled. It’s climbing to roughly 9 million barrels per day. This dramatic increase not only underscored the potential of American energy resources. It also contributed to a shift in the global energy landscape, positioning the United States as a leading producer of both oil and natural gas.

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Source: Forbes

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