E ne r g y P o l i c y
Gerard said. "Last year, the firm ICF International estimated total
remaining natural gas resource at over 3,500 Tcf, which equates
to more than 140 years of our consumption.
"Nearly the entire rise was from increased resource estimates
from shale and other tight formations," Gerard said. "And by the
way, the 3,500 Tcf figure is conservative. It assumes current technology and only includes currently identified formations today.
And, there are other studies that show even more supply."
The ICF study also projected that these new technologies could
lead to an increase of six Tcf per year of natural gas production by
2017, a volume that is more than twice the natural gas consumption of California, Gerard said. "The study also showed that by
2017, we could increase our production of oil and other petroleum liquids by 630 million barrels per year," Gerard said. "That
is more than the current production in the Gulf of Mexico.
"These gains in oil and natural gas production will create
thousands of new jobs, and help spur economic growth for a
generation," Gerard said. Estimates of GDP increases range from
$167 to $245 billion in 2017, which is equal to 1.2 to almost 2
percent of current U.S. GDP, Gerard said.
Gerard cited as a problem "the stark difference" between the
rate of new energy development on private and state lands versus
federal land.
"So far, most of the shale energy revolution has occurred on
private and state-controlled, not federal land where almost 90
percent is off limits," Gerard said.
Citing statistics from the Department of the Interior, Gerard
said that from 2008 to 2011, both the number of drilling permits
issued and the number of wells drilled on federally-controlled
onshore land dropped over 35 percent. Though 2012 data aren't
available, Gerard said, "There's very little reason to believe those
numbers won't continue to decline. That must change if we are
to fully realize our energy potential."
API is a national trade association that represents the U.S. oil
and natural gas industry. It has more than 550 members, including large integrated companies, exploration and production,
refining, marketing, pipeline, and marine businesses, and service
and supply firms.
NEFI: An 'all-of-the-above' approach to
energy
The New England Fuel Institute (NEFI) advocates for mostly
small business members – dealers in the heating oil industry.
New oil exploration and recovery technologies, progress in
the areas of energy conservation and efficiency, and ongoing
investments in alternatives such as biodiesel, lead experts to
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