Energy Leaders Gather to Examine the Future of U.S. Energy
“A Global Industry…Competing Locally” was the theme of Deloitte’s 2014 energy conference that recently took place in Washington, DC. The conference brought together world renowned thought leaders, executives, researchers, entrepreneurs, and regulators from the energy sector to discuss ideas for meeting and managing our world’s future energy demand. Speakers emphasized America’s rising role as a global energy superpower, and the great opportunities and challenges facing this important industry.
Thanks to a combination of proven and new technologies and American innovation, the U.S. is experiencing a dramatic growth in energy production. According to Deloitte, “The United States is looking at supply picture that is stunning in its changes over the last decade. It has the largest fossil fuel reserves in the world; it is now the largest gas producer in the world; and it could potentially be the largest oil supplier in the world within a decade. An abundance of coal and a strong growth in renewables add even more brushstrokes to this multilayered supply picture.”
It’s no secret that energy is one of the many keys for America to unleash billions of dollars in revenue, create thousands of jobs, and lower energy prices. Americans across the country are already reaping the benefits of the American energy boom. “The connection between drilling exploration wells and improving people’s lives may not be obvious, but it is real,” said John C. Minge, Chairman and President of BP America, Inc.
“If it’s about generating jobs and getting the economy on its feet, then it’s about the oil and gas industry,” said Karen Harbert, President and CEO of U.S. Chamber of Commerce’s Institute for 21st Century Energy. But she also warned that U.S. policies have not kept pace with the changes in our energy landscape and are holding back America from reaching its full energy potential. She asserted, “We have to get the policy right.”
But too often, this administration is getting the policy wrong, especially when it comes to American coal. Coal is still one of our country’s most reliable and affordable sources of energy, yet the Obama administration’s harsh regulations are forcing thousands of coal-fired power plants to shut down, driving up the cost of electricity, and threatening America’s energy reliability. Hal Quinn, President and CEO of the National Mining Association, explained, “There are costs to policies that produce a more monolithic generation portfolio, in terms of less diverse and less reliable fuel sources, which equate to more expensive electricity.”
Noted by Deloitte, some estimates suggest the United States could become a net energy exporter by 2020 and the largest global energy provider by 2035. Remarking on this opportunity and new global responsibility, Tom Fanning, chairman, president, and CEO of Southern Company, said, “We are in a position to completely rethink the energy complex in America as well as to provide solutions broadly across the world.”
Energy and Commerce Committee Chairman Fred Upton (R-MI) likewise emphasized the tremendous American energy opportunity when he unveiled his new energy policy vision called the Architecture of Abundance. This is a plan to ensure we are fully utilizing our energy resources to maximize the benefits at home and around the globe. To learn more about this plan to say #Yes2Energy, visit: /yes2energy.
To read more about Deloitte’s 2014 energy conference, click HERE.