Overheard at CERA: We Are ‘Approaching the Dawn of the New American Energy Era’
The United States is approaching the dawn of a new American energy era, marked by energy abundance, security and choice, speakers said at this year’s CERAWeek by IHS Markit conference in Houston.
Thanks to the shale revolution, the United States now leads the world in oil and natural gas production. The International Energy Agency this week predicted the United States will dominate world oil and gas growth through 2025, contributing approximately half of global production.
At CERA, U.S. Secretary of State Mike Pompeo highlighted the importance of this progress in his keynote address:
“Things like horizontal drilling and fracturing, the shale revolution, the oil derricks that dot the landscape all throughout the Permian Basin, matter. New drilling technology and greater energy output are transforming American life and lives all around the world in the same way that the changes did when Spindletop first took place back in 1901. It was a game-changer, and what this industry is doing today is game-changing as well.”
Leading the World in CO2 Emission Reductions
The United States not only leads the world in oil and gas production, but thanks in large part to greater use of natural gas to generate electricity, we also lead the world in CO2 emission reductions.
Environmental Protection Agency Administrator Andrew Wheeler took time during CERA to commend the industry for its dedication to reducing emissions, while breaking production records:
“What the United States offers the world in terms of energy is that our fossil fuels are extracted and produced in a more environmentally conscious manner than anywhere else in the world… The truth is that those who oppose U.S. fossil fuel production are actually taking the most environmentally preferable energy source off the table for the rest of the world. This is a disservice to human health and the environment.”
Revolutionizing Energy Security Across the Globe
U.S. Energy Secretary Rick Perry joined Pompeo this week in stressing the value of America’s newfound energy abundance and the potential it unlocks for the rest of the world. Not only does it increase our own energy security, but it maximizes energy choice for our partners around the globe.
As Perry explained:
“Next year America will become a net exporter of energy, and we want the world to know that we stand with them to deliver affordable, abundant energy across the globe. World energy security is national security.”
He further described how by surpassing Russian oil export levels, the United States will help relieve our allies from Russian influence:
“American energy doesn’t have strings attached. It’s clear that Russian gas has strings attached… American LNG has the ability to truly make Europe free from that Russian intervention.”
American energy abundance from the shale revolution not only bolsters the U.S. economy and energy security, but it has far-reaching implications for the environment and energy choice around the globe.
As Pompeo summarized:
“We now have the capacity to take our technology, our products, our pipelines, deliver them around the world, provide safe, affordable energy, diversify energy resources for each of these countries. They’ll be safer, the American people will be safer as well.”