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November 7, 2012
Energy issues have long been a major topic in presidential election campaigns, and this year is no exception. The details do vary every four years, however. In 2012, the swift development of shale gas fracking has made natural gas substantially cheaper, and increasing oil prices have made exploiting shale oil deposits highly profitable, opening up new reserves. But reducing carbon emissions has become more critical than ever, as climate change's effects become more apparent .
The best energy policies are not always obvious. For instance, cheaper natural gas is displacing more expensive and dirtier coal, leading to fewer carbon emissions. But many are worried about environmental impacts provoked by the hydraulic fracturing of rocks to release natural gas, including water contamination and the release of methane into the atmosphere.
It is not surprising, therefore, that Barack Obama and Mitt Romney offer different visions of what America's energy policy should be. While both presidential candidates are in favor of expanding oil and gas drilling, both support the development of natural gas resources and hydrofracking, and both would like to see more North American energy independence, their opinions differ on some key energy issues, as outlined in the table below.
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