Things were grim at a meeting of the Kansas independent oil and gas producers meeting, with the blame being put on the political environment. The political environment is grim because the fossil fuel industry has refused to be proactive in dealing with its problems, preferring instead to spend its money lobbying .
On cue, Congressman Mike Pompeo was there to blame Obama for the demise of the coal industry and Congresswoman Lynn Jenkins wanted to solve the problem by revising the income tax code to exclude 15% of the income per well from taxes.
The problem, of course, is that people are beginning to catch on what huge external costs we are paying for our use of fossil fuels and are willing to accept higher fuel standards and regulations that are driving up the cost of fossil fuels. Competition from renewable energy sources, particularly for electricity production, are also beginning to be felt in the fossil fuel prices There are health reasons, economic reasons, and environmental reasons that we must reduce our use of fossil fuels. And, reduced use leads to lower prices.