America’s Energy Future Part I: A Review of Unnecessary and Burdensome Regulations
Chairman's Preview Statement
9:00am at University of Central Oklahoma, 100 North University Drive, Edmond, OK 73034
In the midst of the economic morass, the oil and gas industry has gained distinction for the many new jobs it has created and the affordable energy it has provided the rest of the nation. I am convinced that increased domestic energy production is one of the keys to economic recovery. In fact, energy is the lifeblood of a strong economy.
Advances in hydraulic fracturing, coupled with the development of horizontal drilling, are dramatically increasing our recoverable reserves of both gas and oil. Thanks to these innovations, the U.S. government estimates that America has about 1.4 trillion barrels of technically recoverable oil and 2.7 quadrillion cubic feet of natural gas. The truth is -- we are only limited by the government policies that Washington chooses to adopt.
Oklahoma serves as an excellent example of how to maximize energy production, while respecting the environment. Oklahoma is fifth in the United States for crude oil production and productivity is rising. Oklahoma plays an even more important role in the natural gas industry. It is one of the top natural gas producing states, accounting for 8.2% of annual domestic production. Oklahoma’s thriving energy industry has been the key to strong economic growth and job creation.
Despite all this good news, there are storm clouds building on the horizon. The federal government is mobilizing its resources to put the brakes on this booming energy sector. The cumulative effect of unnecessary federal regulations threatens to derail the American Energy Renaissance that the citizens of this state have helped to spark.
We are here today to hear from state regulators and oil and gas experts about how this red tape could prevent America from achieving true energy independence