America’s Energy Future at a Crossroads BizWest Energy Summit Loveland CO July 10, 2014 Christopher Guith Senior Vice President - Policy Institute for.

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Presentation transcript:

America’s Energy Future at a Crossroads BizWest Energy Summit Loveland CO July 10, 2014 Christopher Guith Senior Vice President - Policy Institute for 21st Century Energy U.S. Chamber of Commerce

English Literature Does Matter It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to Heaven, we were all going direct the other way… -A Tale of Two Cities (1859) Charles Dickens

U. S. C h a m b e r o f C o m m e r c e The New Energy Reality Energy Security is central to our national and economic security Demand to increase 53% by 2035  90% in non-OECD countries Electricity demand to increase 76% 1.6 billion people without electricity $38 trillion of new investment by 2035 to meet rising demand 90% world’s oil reserves owned by national oil companies

U. S. C h a m b e r o f C o m m e r c e We Possess Tremendous Domestic Energy Resources Technically Recoverable Resources  120 years of Nat Gas  206 Years of Oil  464 years of Coal In-place Resources  586 years of Nat Gas  536 years of oil  9,844 years of coal Institute for Energy Resources Analysis of U.S. Government Data

U. S. C h a m b e r o f C o m m e r c e Rhetoric vs. Reality in Federal Permitting Western Values Project, BLM Data Permits & New Wells on Federal Lands

U. S. C h a m b e r o f C o m m e r c e Jobs Supported78k121k175k New Government Revenue (billions)$1.4$2.4$3.7 Economic Growth (billions)$11.6$17.6$26.7 Shale Fueling Colorado $63 Billion in Gov Revs IHS, America’s New Energy Future. October 2012

U. S. C h a m b e r o f C o m m e r c e Industrial Gas Consumption Returns

U. S. C h a m b e r o f C o m m e r c e Shale Revolution Spawns Manufacturing Renaisance IHS, ANEF 2013

U. S. C h a m b e r o f C o m m e r c e It’s All About Price Differential

U. S. C h a m b e r o f C o m m e r c e America’s New Energy Future

U. S. C h a m b e r o f C o m m e r c e America’s New Energy Future

U. S. C h a m b e r o f C o m m e r c e America’s New Energy Future

U. S. C h a m b e r o f C o m m e r c e Oil & Gas is THE Job Driver +38.6% -2.6% Source: BLS

U. S. C h a m b e r o f C o m m e r c e U.S. Oil Supply Source: BENTEK Crude Awakening/EIA

U. S. C h a m b e r o f C o m m e r c e Cracking the Code: Increased Efficiency RBN Energy LLC, 9/24/13

U. S. C h a m b e r o f C o m m e r c e Exports Increasingly Important to PetChem IHS, ANEF 2013

U. S. C h a m b e r o f C o m m e r c e Midstream Expansion in Overdrive Pipeline Projects: Jan 2010-Jan 2013 (MMcf/d) FERC, Major Pipeline Projects on the Horizon

U. S. C h a m b e r o f C o m m e r c e Rail, Truck, & Barge Shipments Double EIA, Refinery Capacity Report Crude Refinery Receipt Shipments Thousand Barrels Per Day 4.3% Percentage of Total

U. S. C h a m b e r o f C o m m e r c e America’s New Energy Future Loss

U. S. C h a m b e r o f C o m m e r c e A Bright Future is NOT a Given Food & Water Watch: Mapping the Movement State Measures (Passed) State Measures (Pending) Local Measures (Passed) Local Measures (Pending) Shale Plays 423 Actions Across 21 States

U. S. C h a m b e r o f C o m m e r c e Rulemakings On The Runway!

U. S. C h a m b e r o f C o m m e r c e Coal & Gas Prices

U. S. C h a m b e r o f C o m m e r c e Expected Coal Plant Closures >50 GW prematurely retired by %-20% of entire coal fleet ~10% of all US generation

U. S. C h a m b e r o f C o m m e r c e Heavy Concentration on Retirements

U. S. C h a m b e r o f C o m m e r c e Time to TAKE ACTION