Putting aside politics and many of the common narratives, by almost any measure the eight years of the Obama administration were a great time for the oil and gas industries. In 2008, the year Obama was elected, but hadn’t yet taken of office, domestic production of natural gas was about 55 Bcf/day and domestic crude oil production was about 5.0mm bpd. In 2016, obviously Obama’s last year in office, domestic gas production was up to 72 Bcf/ day, that is up 30% over the course of his administration, while oil production was 8.9mm bpd, up almost 80%.
I think the Trump administration will be good for oil and gas as long as the regulatory environment does not get worse. If the administration can make some moves to intelligently lessen the regulatory burdens, we think that would just be gravy for the industry.