February 26, 2014
Natural Gas industry depending on your political or point of view is under or over regulated. Natural gas is not just a focus for oil and gas sector but a concern for energy solutions. Fracking is being discussed by the “U.S. Chamber exec warns against overregulation of energy industry” may lead to economic downturn.
The City Wire posted, “A U.S. Chamber of Commerce official warned an Arkansas audience that overregulation of fracking practices in the oil and gas industry could cost jobs, tax revenue, and the overall economy. Karen Harbert, the president and CEO of the U.S. Chamber Institute for 21st Century Energy, was a featured speaker at an Arkansas State Chamber of Commerce/AIA luncheon held at Heifer International’s world headquarters.”
Harbert touted a litany of energy statistics that highlighted that in the next 35 years the world’s electricity demand will increase by 140%. Harbert also noted:
• The oil and gas industry created 9% of all American jobs in 2011;
• Oil imports are expected to decrease 60% by 2020;
• Oil and gas production has led to an American manufacturing renaissance as well as a return of chemical, fertilizer, and steel industries.
She said that the natural gas “fracking revolution” has helped feed the nation’s energy demand. Harbert said that Arkansas is now the No. 4 natural gas producing state in the U.S., according to recently released 2013 data from the U.S. Energy Information Administration (EIA). According to a “marketed production” report from the EIA, Arkansas ranked 8th in 2012 in natural gas production.
“During the past decade, shale gas production has risen from two percent of the nation’s energy mix to 30% today. That number is expected to rise to 50% by 2035. But Harbert said regulatory intervention by the Environmental Protection Agency (EPA) could undermine that trend” reports The City Wire.
Experts believe 60 to 80 percent of all wells drilled in the United States in the next ten years will require hydraulic fracturing to remain operating.
The research analysis of natural gas by LAND sds has revealed that Last year, U.S. oil production increased by 14 percent over the previous year, the greatest increase among countries annually producing a million barrels or more. The year 2012 also marked the largest one-year increase in oil production in U.S. history.
Further, the National Association of Manufacturers estimated that high recovery of shale gas and lower natural gas prices will help U.S. manufacturers employ 1,000,000 workers by 2025 while lower feedstock and energy costs could help them reduce natural gas expenditures by as much as 11.6 billion by 2025.
The economic impact rest upon the interconnection of energy, manufacturing and business. Failing dominoes within any of these industries will ultimately effect energy and fracking production. Rest assure that the government will right the way to increase and sustain formidable production standards to meet demand.