Wise Words from the OTC
Jane Van Ryan
Posted May 5, 2009
"It's just a matter of time before we must act on energy," said API President and CEO Jack Gerard when he met with reporters and bloggers yesterday at the Offshore Technology Conference (OTC) in Houston. But he said our nation needs to be realistic. "We can't just throw a switch and change from one source of energy to another overnight."
Every credible projection on U.S. energy consumption over the next couple of decades shows that oil and natural gas will continue to play a large role in the nation's overall energy mix. And as Jack explained, energy consumption will increase. The U.S. Department of Energy expects energy consumption to climb 9 percent from 2007 to 2030.
How should the nation prepare for the future? Jack discussed several ideas:
- Efficiency and conservation: As he put it, "Efficiency is good business."
- Solar and wind power: Jack noted that these renewables account for about 2 percent of our energy mix today and will grow to 4 percent. "What about the other 96 percent?" he asked.
- Oil and natural gas: "We know the potential of finding oil and natural gas in the previously off-limits offshore areas is huge, and our nation needs the political will to go after it," Jack explained.
More on that later today from the OTC...
Update on May 14, 2009: Click here to view our Flickr photo album from the Offshore Technology Conference.
About The Author
- Blogger Conference Call - Oil Sands Development and the Keystone XL
- Blogger Conference Call - ExxonMobil Earnings and Taxes
- Blogger Conference Call - Industry Earnings and Public Pension Plan Ownership
- ETR 130 - The Oil and Natural Gas Industry's Contribution to State Pension Plans
- Keystone Pipeline: The Sooner, the Better
- Capping Stack: A Positive Outcome from a Tragic Accident
- domestic access
- energy demand
- energy reality
- offshore technology conference
- technology innovation
Stay informed: Sign-up for our weekly newsletter