Does the US Need Oil & Gas Industry?

Overview

The oil and gas industry provides 10 million US jobs and billions to the economy. Cheap, available oil makes transportation and products affordable. Abundant gas has offset coal in power generation, and can balance intermittent renewables. But the economic benefits can be cyclical, and investors in the US and Europe are fleeing due to CO2 concerns and declining returns. Other environmental challenges include methane leaks, water use, and oil spills. Does the US need a thriving oil and gas industry? Or should we more actively transition to lower carbon emission energies. Could a system built on those realistically replace the benefits of oil and gas? Dr. David Victor, a Professor of Innovation and Public Policy at UC San Diego, and Matt Gallagher, former President and CEO of Parsley Energy, weigh in.