November 15, 2011. WASHINGTON, DC – Members of the Energy and Commerce Committee met with leading energy policy experts this week to discuss the natural gas revolution. Hosted by Rep. Bob Latta (R-OH), Monday’s bipartisan Jobs and Innovation Forum explored how new technologies to capture shale gas have transformed the nation’s energy landscape and economy. In recent years, our ability to access massive supplies of natural gas has brought down energy prices, created hundreds of thousands of jobs, and generated billions of dollars in economic output.
"It is clear the natural gas revolution is here to stay and the economic impact of natural gas development is great, bringing tens of thousands of jobs to different states, like my home state of Ohio, that have shale formations," said Latta. "The key to harnessing positive economic development is striking the right regulatory balance that allows for job creation, energy innovation, and environmental safety across this country. This meeting was one of many conversations that will help legislators develop pro-growth policies in the shale arena."
Daniel Yergin, Chairman of IHS Cambridge Energy Research Associates and author of The Quest: Energy, Security, and the Remaking of the Modern World, described the dramatic job growth that has resulted from shale gas development. “This is the biggest energy innovation of its scale in the last 20-30 years, and with that has come an enormous growth in jobs,” said Yergin. “We are taking about hundreds and hundreds of thousands of jobs that have been created since this technology has been developed. And the impacts in terms of supply chains reach very deep into our economy.”
Cal Dooley, President of the American Chemistry Council, spoke about the positive impacts of natural gas development on chemical manufacturing in the U.S and predicted that the chemical industry is “poised to see a tremendous growth domestically.” Dooley cited a new ACC study showing a 25% increase in natural gas supply would result in $16 billion in capital investments from the chemical industry, creating more than 400,000 new jobs and generating over $4.4 billion in government revenue. “If we do the shale gas right, it has the potential to really contribute to a renaissance in manufacturing in the United States,” said Dooley.
Conversations also focused on the safety of hydraulic fracturing and the regulation of natural gas drilling. Panelists agreed that state regulators are the most competent at managing risks and providing regulatory oversight. David Neslin, Director of the Colorado Oil & Gas Conservation Commission, described Colorado’s successful regulatory framework which he believes “strikes a responsible balance” of promoting development and offering adequate protections.
Larry Nichols, Executive Chairman and Co-Founder of Devon Energy, touted the strong safety record of hydraulic fracturing, a drilling process that has been practiced for over 50 years. He noted that there has never been one instance where natural gas has leaked into groundwater from fracking. Nichols pledged the industry’s commitment to the continued advancement of drilling technologies to make natural gas extraction more efficient and environmentally friendly.
In addition to Rep. Latta, members attending Monday’s forum included Energy and Commerce Chairman Fred Upton (R-MI), Chairman Emeritus Joe Barton (R-TX), Rep. John Sullivan (R-OK), Rep. Michael C. Burgess M.D. (R-TX), Rep. Mike Pompeo (R-KS), and Rep. Mike Doyle (D-PA).
"It is clear the natural gas revolution is here to stay and the economic impact of natural gas development is great, bringing tens of thousands of jobs to different states, like my home state of Ohio, that have shale formations," said Latta. "The key to harnessing positive economic development is striking the right regulatory balance that allows for job creation, energy innovation, and environmental safety across this country. This meeting was one of many conversations that will help legislators develop pro-growth policies in the shale arena."
Daniel Yergin, Chairman of IHS Cambridge Energy Research Associates and author of The Quest: Energy, Security, and the Remaking of the Modern World, described the dramatic job growth that has resulted from shale gas development. “This is the biggest energy innovation of its scale in the last 20-30 years, and with that has come an enormous growth in jobs,” said Yergin. “We are taking about hundreds and hundreds of thousands of jobs that have been created since this technology has been developed. And the impacts in terms of supply chains reach very deep into our economy.”
Cal Dooley, President of the American Chemistry Council, spoke about the positive impacts of natural gas development on chemical manufacturing in the U.S and predicted that the chemical industry is “poised to see a tremendous growth domestically.” Dooley cited a new ACC study showing a 25% increase in natural gas supply would result in $16 billion in capital investments from the chemical industry, creating more than 400,000 new jobs and generating over $4.4 billion in government revenue. “If we do the shale gas right, it has the potential to really contribute to a renaissance in manufacturing in the United States,” said Dooley.
Conversations also focused on the safety of hydraulic fracturing and the regulation of natural gas drilling. Panelists agreed that state regulators are the most competent at managing risks and providing regulatory oversight. David Neslin, Director of the Colorado Oil & Gas Conservation Commission, described Colorado’s successful regulatory framework which he believes “strikes a responsible balance” of promoting development and offering adequate protections.
Larry Nichols, Executive Chairman and Co-Founder of Devon Energy, touted the strong safety record of hydraulic fracturing, a drilling process that has been practiced for over 50 years. He noted that there has never been one instance where natural gas has leaked into groundwater from fracking. Nichols pledged the industry’s commitment to the continued advancement of drilling technologies to make natural gas extraction more efficient and environmentally friendly.
In addition to Rep. Latta, members attending Monday’s forum included Energy and Commerce Chairman Fred Upton (R-MI), Chairman Emeritus Joe Barton (R-TX), Rep. John Sullivan (R-OK), Rep. Michael C. Burgess M.D. (R-TX), Rep. Mike Pompeo (R-KS), and Rep. Mike Doyle (D-PA).
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