Offshore Technology Conference– The Case for Access to Resources On US Continental Shelf
I am attending the Offshore Technology Conference this week in Houston, Texas.
The Offshore Technology Conference is the world’s foremost event for the development of offshore resources in the fields of drilling, exploration, production, and environmental protection.
Also here at the conference this week are are JR Hoeft (heh) from Bearing Drift, McQ from Q and O, Kevin Holtsberry from RedState, Joy McCann of Little Miss Attilla, and Nick Loris from Heritage’s “The Foundry“.
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Today’s panelists discussed the need to access oil and gas reserves on the outer continental shelf for America’s future. The OCS contains vast resources of oil and natural gas. About 80% of these resources have been off limits for development due to legislation by the Left for three decades.
The panelists included:
Larry Nichols– Chairman and CEO of Devon Energy Corporation
Gary Luquette– President, Chevron North America Exploration and Production Company
Tim Cejlca– President ExxonMobil Exploration Company
Karen Harbert– President and CEO, Institute for 21st Century Energy, US Chamber of Conference
From the discussion:
– Over two-thirds (77%) of Americans support tapping our own energy resources to assist with supply.
– We have the capability to extract oil and gas without damaging the environment.
– Permitting is a plague on the nation. There are 300 energy projects today that are currently on hold due to litigation, including renewable energy projects.
– We have a problem with prices. A lot of what Congress is proposing will raise prices significantly.
– Oil will be and will remain to be the primary energy source for our economy for some time.
– We need 64 million barrels a day to reach demand in the 2030.
– 160,000 jobs could be created by oil development and research here at home.
– There are huge new taxes in the Obama budget on energy companies.
– Yesterday there was a new tax proposal by the Obama Administration on American business. This proposal includes 900 more government auditors.
– The estimates that US only has 3% of global resources are wrong. These estimates are outdated.
– Alternative energy sources will be able to supply just 11% of this country’s energy demands.