Energy policy, ignored in the first presidential debate, made the cut for the final debate under the heading of climate change. But the real issues—what are the rules and how much will they cost—are unlikely to be addressed in depth by President Donald Trump or former Vice President Joe Biden.

That doesn’t mean, to adopt a popular expression of late, that the regulatory environment is not on the ballot.

“There’s no question that if [former Vice President Joe Biden] wins, and especially if [Democrats win a majority of seats in] the Senate, there will be new rules and new costs on oil and gas production,” David Goldwyn, president of Goldwyn Global Strategies LLC, said Oct. 20 during a panel discussion at the North American Gas Forum. “There will be regulation of methane. It will be harder to permit new infrastructure, although we have pretty much an excess capacity both in oil terminals and pipelines and LNG terminals now.”

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