Panel Argues Uncertainty Reigns in 2013 for U.S. Economy
Christian O'Neill, an oil and gas analyst at Bloomberg Industries, said that with energy being a basic buiding block for GDP, the Obama administration would heavily consider the new methods of drilling.
The country is still in the early steps of oil supply growth as the advent of shale is quite young, but production could lead to lower crude oil prices here.
Addressing the issue of whether the United States would approve full construction of the Keystone XL Pipeline , O'Neill said a clue of its fate could be found in politicians' choice to push a decision until after the elections. He said if the president and legislators really wanted to deny it, they could have done so.
O'Neill added that the pipeline would likely bring added jobs to the economy, and that if we continue producing oil through fracking, that there eventually will be a "need" to get that oil to areas with the highest demand.
Still, though, many politicians continue to oppose much of the legislation as they have raised major concerns of the new drilling methods' effect on water resources and other surrounding environments.
-- Written by Joe Deaux in New York.
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