Oil Execs Stress Importance of Energy Policy as Election Nears - KXNet - Bismarck/Minot/Williston/Dickinson

One of the major points of contention between our presidential candidates is energy policy.

Oil companies say the current administration is slowing down energy development.

The closer election day gets, the more concerned many oil companies become over the future of the oil industry.

Donnell Preskey has the story...

The number of rigs drilling in the state continues to slide.

188 are operating in North Dakota, down from a peak of 218 four months ago.

The closer we get to election day, the lower the rig count goes.

Is there a correlation???

"I think the industry feels this is a vital election, determining how we are going to move forward and whether we are going to move forward on energy security for the country, whether we are going to move forward on an affordable and stable supply of oil and natural gas and coal and all of our natural resources or if we are going to be restricted in doing so," says Mike Smith with QEP Resources.

Smith says the election is only one factor for the slow down going on in North Dakota.

Smith says, "decisions that policy makers make at state and federal level have a great impact on maybe not whether we are operating but how much we allocate in capitol to those areas. It does have an impact to how much going to do."

Blu Hulsey with Continental Resources says, "As we talk about regulation, because we are such a heavily regulated industry the uncertainty is certainly an issue for us. We would like to get policy makers in office that are pro-energy and see what's going on in ND and support that."

Hulsey works for Harold Hamm, CEO of Continental Resources.

Hamm is Republican Presidential Candidate Mitt Romney's energy adviser...

"Elections are big, they are big for every industry. Our industry is heavily regulated and we need to make sure we are part of the elections and make sure we get a pro-energy candidate. That's a big deal for us," says Hulsey.

Oil Companies say what happens on November 6th will give them a better idea of what the future is for energy policy.

"If you look at some of the efforts at national levels to disregard efforts by states, that's concerning to us. Concerned about level of activity on federal lands. The reduction and available leasing on federal lands, we are concerned about a host of regulations being considered or pursued at the federal level. There will be plenty to pay attention to," says Smith.

Guaranteed, oil companies will be watching for any movement from the federal government to impose new rules for hydraulic fracturing...

Smith and Hulsey say each state should be in charge of fracking rules and guidelines.

Smith says, "we can't sit back and wait, we have to move forward on behalf of company."

Both QEP Resources and Continental Resources are very complimentary of North Dakota's regulators and the process the state has used to adopt state rules for hydraulic fracturing.