![]() During Biden’s time as VP, Congress and President Barack Obama effectively encouraged more fracking by lifting the 40-year ban on oil exports.įracking, which gained popularity in the early 2000s, has made the United States the world’s leading producer of natural gas and, more recently, the top oil producer. Biden also wants to pursue a global moratorium on offshore drilling in the Arctic. “A clean energy economy built to tackle the climate crisis cannot include fracked gas, which is a bridge to climate disaster,” Ariel Hayes, national political director at the Sierra Club, said in a statement to CNN Business.īiden, on the other hand, has only called for banning new oil and gas permitting on public lands and waters. That’s why environmental groups strongly support a fracking ban. Fracking has sparked concerns of contaminated drinking water, methane emissions and even earthquakes. What would an Elizabeth Warren presidency mean for the economy and markets?īesides Warren, Democratic presidential nominees Bernie Sanders, Kamala Harris and Cory Booker have also pushed to ban fracking, the controversial drilling technique that involves shooting water, sand and other compounds underground to release trapped oil and gas. The leading candidates have called for ending fossil fuel subsidies. The best-case scenario for the oil industry could be the reelection of President Donald Trump, a climate skeptic who has actively supported the fossil fuel industry by slashing environmental regulations and promoting energy exports.ĭemocrats have taken a much more skeptical approach towards Big Oil than Trump as they pledge to tackle climate change. We cannot wait,” Warren wrote in a Medium post last month. “Taking bold action to confront the climate crisis is as important - and as urgent - as anything else the next president will face. But the candidate has defended her aggressive stance by arguing the world doesn’t have the luxury of playing it safe. The firm said it would be “very bearish” for a wide range of oil companies, including drillers such as Pioneer Natural Resources (PXD), oilfield service firms and even integrated companies like ExxonMobil (XOM) and Chevron (CVX). “We think the greatest risk to energy companies would occur if Democratic candidate Elizabeth Warren wins,” RBC Capital Markets wrote in a report published on Monday. Wall Street analysts are already warning shareholders about the potential hit to the share prices of oil companies, which remain widely held in portfolios despite the climate crisis. “There is palpable concern in the oil and gas industry.” “It would vaporize the oil and gas boom in the United States,” said Bob McNally, president of Rapidan Energy Group, a consulting firm that advises energy companies and investors. Although an outright fracking ban seems unlikely to get through Congress and the courts, such a move would halt America’s historic shale oil boom in its tracks, drive up gasoline prices, threaten good-paying jobs and make the nation more dependent on foreign oil. Warren’s aggressive plan for fighting the climate crisis could have profound consequences for the oil and gas industry. We’d be heading back to triple-digit prices very fast.” It would be wildly bullish for crude oil prices. ![]() Both steps go further than her main rival, former Vice President Joe Biden. Warren, currently the odds-on favorite to be the Democratic presidential nominee, wants to ban fracking “everywhere.” And the Massachusetts senator pledged to immediately sign an executive order to stop all new offshore drilling leases. Her rising 2020 polling numbers are also striking fear in the heart of Big Oil. Updated 11:47 AM ET, Thu October 17, 2019Įlizabeth Warren doesn’t just pose a threat to Wall Street. How Elizabeth Warren could ‘vaporize’ America’s oil boom ![]()
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