Reuters is already reporting that President Obama will be pursuing tougher regulations on fossil fuel energy production in America in his second term.
(Reuters) – Energy companies likely will see more regulation in President Barack Obama’s second term, with less access to federal lands and water even as the administration promotes energy independence.
With a pledge to cut oil imports by half by 2020, Obama during the campaign advocated what he called an “all of the above” approach to developing a range of domestic energy sources. He said, however, that he would roll back subsidies for oil companies and reduce the nation’s reliance on oil by mandating production of more fuel-efficient vehicles.
“You are going to have less access to federal lands and tougher government agencies,” said Dan Pickering, chief investment officer at TPH Asset Management in Houston.
Remember that fossil fuel energy production on federal lands declined during Obama’s first term. Now we’re dealing with a president who doesn’t ever have to worry about being re-elected to any office ever again.
He’s got nothing to lose now, and he’s shown a definite willingness to work around Congress to get what he needs done.
This is very, very bad news for the oil and gas revolution taking place in America right now. Good news, though, if you’re invested in solar and wind power. Expect the crony capitalism from Obama’s first term to carry over.