High-stakes presidential race casts cloud over future of US shale

Arabnewssocial20 Aug, 2020News

There is much at stake for the US shale oil industry in the forthcoming US presidential race. History shows us that the oil and gas industry did not prosper under the last two Democratic administrations. By the end of the second term of President Barack Obama in 2016, US oil production sat at 8.5 million barrels per day (bpd), while prices were historically high above $100 between 2012 and 2014. With the end of the first term of US Republican President Donald Trump, the US oil industry witnessed a boom with US oil production reaching an all-time high of near 13 million bpd at the end of 2019.