Energy Debate | Video

Jennifer Joas | 10/17/2012

Energy became the topic of discussion only 15 minutes into last night`s Presidential debate. There`s no doubt oil production overall has increased, thanks in part to the Bakken oil play in North Dakota. But the energy debate focused on how much of that can be attributed to the federal government.

Crude oil, natural gas, wind and coal, nothing was off limits during last night`s debate. President Obama touted the oil production overall has increased in the country. But Romney said the President had nothing to do with it.

"Production on the government lands is down. Production on government land of oil is down 14%, and production on gas is down 9%. Obama: It`s just not true," Romney said.

According to the U.S. Energy Information Administration, production on federal lands did decrease from 739-million barrels of oil in 2010, to 646 million in 2011.

But Obama says production decreased because the federal government broke oil leases that weren`t being used.

"Oil permits are down. Now how the facts are attributed is irrelevant. The point is oil production is down," said Eugene Graner, Heartland Investor Services.

The candidates disagree on why gas prices have increased from below two dollars a gallon in 2008 to close to four dollars a gallon in 2012.

Obama stated that was the cause of a bad economy.

"He said when I took office, the price of gasoline was $1.80, $1.86. Why is that? Because the economy was on the verge of collapse; because we were about to go through the worst recession since the Great Depression."

Eugene Graner with Heartland Investor Services, says it`s not the economy that contributes to gas prices. It`s the value of the U.S. dollar and added regulations on oil refineries. The EPA added regulations to decrease emissions from refinieries.

"Because that increased exports overseas. We are exporting gasoline today. Number two, more increased regulations from the EPA requiring more refining of the gas product to reduce emissions. With more refining comes with more expense. It becomes more cost," Graner said.

Graner says the only way gas prices could be brought back down would be to balance the federal budget so the value of the U.S. dollar increases and to lessen restrictions on oil refinieries.

The candidates also debated over the rejection of the Keystone Pipeline and coal regulations.

The final presidential debate will take place on Monday in Florida, covering foreign policy.

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