Oil and the Obama Administration

By Camaron Abundes   
NewsWest 9

ODESSA- The Obama-Biden plan calls for a lot of changes, perhaps one reason the oil industry is in a holding pattern.

"They're laying off so many people within the drilling companies and the service companies. [They're] wondering what the year is going to be like," Kirk Edwards, Former President of the Permian Basin Petroleum Association, said.

Edwards says the last eight years, have been good for the oil industry because President Bush took a laissez-fair approach to business.

"There weren't a bunch of regulations put on the industry," Edwards said.

President-Elect Obama wants to establish a national low carbon fuel standard, to put more fuel economy cars on the road, and a cap and trade program to reduce greenhouse gas emissions by 80 percent before 2050. Edwards says Mr. Obama won't be able to do any of it until the economy starts to turn around.

"The verbage that got him into office, so much has change, just in the last two or three months with the economy, and you can go an put regulations in burdening the economy," he said.

Edwards says it could be months before the feelings of uneasiness shake out.

"Pricing is still good to go back and drill, but it's going to be a while before these companies get the credit they need, to go back and start investing those dollars drilling those wells," he said.

People like Harold Green are tired of the bailouts and is nervous about the new administration.

"We're open minded, we're going to be supportive, but we feel real uneasy," Harold said.

The Obama Administration will also focus on alternative energy. The President-Elect also wants to create millions of green jobs.

"He is going to have to get into a lot of different energy resource," Edwards said.