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Joe Biden Would Be a Sea Change For the Oil Industry
Contrary to what Trump has claimed, Biden’s platform does not include a ban on fracking, the process of fracturing tight rock formations by pumping water, sand and chemicals into them under high pressure in order to extract gas and oil. Whoever wins, they’ll face a landscape where both domestic and global reserves of oil and gas are the highest they’ve ever been. At a time when most forecasters see a peak in oil use by 2040, known reserves are sufficient to maintain current production levels for another 50 years. Neither the U.S. nor the world at large has a shortage of already-discovered oil under the ground. ... (full story)