“2014: The New Energy Revolution” was the recent topic of a presentation by William A. Mogel, Partner of Mogel & Sweet, Washington, DC at the University of Tulsa College of Law.
William (Bill) Mogel who is a long-time friend asked that I attend this presentation. Bill was the Founding Editor-in-Chief of Energy Law Journal.
Bill began his presentation with a quote from Daniel Yergin “the development of shale gas and tight oil in the United States constitutes an ‘unconventional revolution,’ owing to its scale and speed. It is already having a profound global impact: upending energy markets, reshaping competitiveness in the world economy as a whole, and portending major shifts in global politics.”
Some of the facts Bill presented were: Shale Gas –
1) In the US, fracking began in 1940; today, 35,000 wells fracked per year,
2) shale gas accounts for ½ US production (65 Bcf/d), and
3) thousands of new jobs created.
Shale Oil –
1) US production increased 60% since 2008 to 3 million barrels/year,
2) Imports are down from 1.6 mb/d in 2006, and
3) US Congress is considering 1970s export ban on domestic crude. LNG Exports- US is switching from being an importer to an exporter.
Bill emphasized the importance of natural gas. The environmental impact of moving to natural gas is significant. By 2040, Bill states that 60% of additions to power generation will be fueled by natural gas.
He stated that the challenge ahead is that America has 5% of the world’s population but consumes 20% of the world’s energy. The energy policy needed will embrace efficiency, technology and infrastructure which he believes leads to the use of natural gas. Utility fuel switching means cleaner power plants. National security and the balance of payments are important parts of the equation.
He quotes US Senator Lisa Murkowski who states that America needs “more production, clean energy technology, an improved energy delivery infrastructure, effective government oversight, environmental responsibility and an energy policy that pays for itself.” United States energy independence is now possible. The world energy trade market is not going to vanish but the strangleholds, i.e. OPEC, Russian gas are less powerful.
The new revolution brings economic benefits:
1) Increased economic security for the US,
2) Less dependence on unstable foreign markets, and
3) Increased domestic manufacturing.
As I stated in my book, “America Needs America’s Energy: Creating Together the People’s Energy Plan”, “future generations are depending on us to keep the American dream alive. We need this energy revolution and we must be the leaders. Our national security has long been one of the assets we cherish, and we cannot afford to continue relying on foreign nations to fulfill our energy needs or miss the opportunity to create a forward-thinking infrastructure that will support the American way of life. Energy is the future of America and America Needs America’s Energy!”
Together we can Create the People’s Energy Plan! Go to www.peoplesenergyplan.com to join the effort.
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