How the oil and gas industry will be affected by the election of Barack Obama as president of the US remains to be seen. But it will be necessary for Obama to take control of the current financial crisis to ensure the pursuit of energy supplies.Price inflation for the goods and services used in extracting oil and gas–along with the recent collapse in crude oil prices from a record above $147/bbl in July to around $63/bbl now–is forcing oil companies to rethink many projects around the world. A sign of that emerged last week when BG Group CEO Frank Chapman said his firm is delaying a final investment decision on whether to proceed with Phase III development of the Karachaganak ...