done. number one, you look at off-shore permitting. we're still 30% before premoratorium levels, on shore leasing on properties, lowest level under this president. when he talks about higher production, it's not because of anything he's done. it's because of decisions before his administration took office. secondly, you look at fracking, natural gas prices have fallen from 2008, $13 to $14 to less than $3. we were looking to import natural gas back in 2008 and now we're looking to export natural gas from this country. yet this administration continues to threaten to shut down fracking with their regulations. third, you look at this administration's pursuit of regulations like tier 3 gasoline standards could add a quarter to the gallon, the cost of a gallon of gasoline. you look at cap and trade, just the threat of cap and trade can freeze industry investment. we're talking about multibillion, multiyear and multibillion dollar investments in producing energy. the threat of uncertainty from this administration freezes the
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