The U.S. oil and gas industry shows tentative hope that a new Trump administration will “re-ignite growth in the sector,” according to a Forbes article Friday.
Frank Murphy, managing director of RW Baird, said:
The 45th president will likely remove regulatory impediments imposed by the Obama administration that have stymied oil and gas drilling and infrastructure buildout.
Forbes reported Murphy believes federal land could open up to drilling activity and that a general ban on fracking is unlikely.
As opposed to the Obama administration, and the likelihood of a Clinton administration that would have followed suit, oil and gas regulation under Trump should loosen up. The industry will likely see a friendlier environment for pipeline projects such as the Dakota Access in the Bakken, which has been ridden with protests supported at least in part by President Obama. Obama is also well-known for his opposition and veto of the Keystone XL Pipeline, that would have brought Canadian tar sands oil to U.S. refineries.
Forbes also corroborated evidence that Harold Hamm, CEO of Continental Resources, is in the running for Secretary of Energy. Forbes notes that an appointment of Hamm appears beneficial for the Bakken and the operators there.