By Erin Carson, Energy Solutions Forum
Several New York Energy Week panels slated for June 25 will highlight the impact of the shale oil and gas revolution on economic growth and national energy security policy.
Top officials from industry and government will hold multiple panels in New York to offer new insight into how the oil and gas boom could affect economic growth and alter long-held beliefs about energy security policy. The oil and gas panelists will meet during the first full day of a landmark cross-sector New York Energy Week.
Panelists will discuss the opportunities and challenges facing the new U.S. energy landscape as the United States is on the cusp of energy independence. Multiple international and federal government reports now project U.S. oil and gas supply to surpass demand in the coming decades and elevate the United States to a net gas exporting country. But for these projections to occur, industry and policymakers alike must consider how to maintain the current trajectory, including finding the balance between policy and market forces. Even if Washington played a reduced role in the initial shale surge, federal and state regulations and policies can maintain – or hinder – the unprecedented growth.
The panels are among a series of events in the first-ever New York Energy Week devoted to addressing questions and solutions across energy sector lines. Specifically, Tuesday’s morning panel will address the key drivers in maintaining the oil and shale gas production boom, the changing shape of oil and gas infrastructure, and the data requirements needed to keep pace with changing oil and gas markets. An afternoon panel will feature top military national security experts to provide insight into how this surge could change long-established beliefs in domestic energy security policy.
These issues also have congressional attention. The New York industry-driven panels and events will take place following a week of hearings in Washington tackling natural gas export policies, energy budgets, and science and technology priorities. The House Energy and Commerce Committee held a hearing June 18 to address regulatory, market, and legal barriers to exports. The Committee heard from senior government officials at the Department of Energy, Federal Energy Regulatory Commission, and the U.S. Army Corp of Engineers; as well as from members of the natural gas industry. Of question is whether regulatory constraints and government policies are unnecessarily delaying value-added investments in shale oil and natural gas. As of early 2013, there were 20 LNG export proposals pending review by the DOE. The amount of time it will take to build these facilities and bring them to commercial capacity will depend on a number of factors, including a DOE NERA study and streamlined permitting processes.
The economic impact of increased exports is still under review, but according to recent testimony by Energy Secretary Moniz, the DOE will expeditiously work through remaining LNG applications. The Energy Secretary stated that decisions on applications will “absolutely” be made by the year’s end.
The industry panel next week will offer unique insight into how this kind of positive regulatory outlook – combined with industry innovation and market participation – will enable continued growth to achieve the full potential of domestic shale resources.
June 18, 2013 via Energy Solutions Forum
Check out New York Energy Week, organized by Energy Solutions Forum
Energy Solutions Forum is an energy policy research and data company based in New York City. Follow @EnergySolForum for policy research and stay plugged in with ESF Calendar, the industry’s go-to resource for energy business events in and around NYC.
