What is the real impact of increased oil & gas production?

Recently, the presidential candidates have been debating the benefits and pitfalls of increased oil and gas production. I have the feeling that increasing output is an easy short-term solution but don’t we know that there are negative, long-term consequences? Here is a short video covering the debate:

Weighing Benefits and Pitfalls of Increased Oil and Gas Production in the U.S.
SUMMARY: Two years ago, the U.S imported two-thirds of its oil. Now, imports are less than half of U.S. oil needs. Jeffrey Brown talks to National Resources Defense Council’s Kate Sinding and the Manhattan Institute’s Robert Bryce about increased domestic energy production and whether economic benefits outweigh environmental concerns.

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