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Despite gas prices still being high, the federal government hasn't held any new oil and gas lease sales this year—the last time this happened was in 1958. This means America is becoming more dependent on other countries for energy.
Jay Young, founder and CEO of King Operating Corporation, told KTRH that this, of course, means higher prices. He said, "If you did not have horizontal drilling and fracking, this country would be so dependent on Iran, Iraq, Saudi Arabia, and other countries that people would be walking everywhere."
Young also said that this will make it harder for oil companies to secure investments because of the industry's volatility. He explained, "Pensions and teachers' retirements put hundreds of billions of dollars at risk. All the companies that put all the money at risk lost." He says they aren't likely to invest in the oil industry again.
Young also warned that if Kamala Harris wins the presidency in November, don’t expect this situation to improve at all.