Biden Administration's Keystone Decision Causes Industry Shock

The Biden Administration's decision to cancel the Keystone Pipeline has caused a shockwave in the oil and gas industry, particularly affecting jobs and regulatory conditions for fracking. John Sabo, Senior Vice President at Deep Well Services, emphasized the detrimental impact of new regulations that could stifle fracking in the event of a Harris administration. He noted that rather than outright bans, proposed regulations could effectively render fracking irrelevant. The cancellation has led to significant job losses and has created 'chokeholds' on energy infrastructure, especially in Pennsylvania where natural gas is abundant, but regulations hinder transportation to neighboring states. The urgent need for new pipelines is underscored by the expectation that electric power demand will triple in the coming years, yet the current regulatory landscape prevents efficient energy distribution. Moreover, Sabo highlighted the importance of ramping up liquefied natural gas (LNG) exports to address European energy needs as a significant pipeline is set to expire soon. The lack of job replacement efforts by the administration was evident, with existing regulations exacerbating the industry's difficulties. Sabo expressed a belief that a Trump administration would improve sentiments and working conditions in his sector, advocating that innovation and environmental commitments have greatly advanced in recent years, but the story of the industry's progress remains underreported.