Gulf oil spill testimony: Big moment for natural gas?
A series of big oil CEOs from the likes of ExxonMobil, Chevron, Shell and ConocoPhillips testified before a House committee and one common thread was developing natural gas resources as a bridge to other alternative fuels.
These CEOs, who were working diligently to distance themselves from BP, all urged Congress to keep the big energy picture in mind. In many respects, natural gas is a major part of the big picture. Couple the natural gas comments from the fact that companies like ExxonMobil are already moving offshore rigs to other parts of the globe following an Obama administration moratorium on drilling and you can see the dominoes falling into place.
Here are snippets from the CEOs prepared remarks.
James Mulva, CEO of ConocoPhillips:
In order to fulfill America’s pressing energy needs --- providing the fuel that enables people to travel to work and back, that moves goods around the world, that powers the lighting, heat, electricity and machinery on which our homes, factories and hospitals depend, and that provides the fuel and fertilizer that enables us to feed a growing population – we must utilize a broad portfolio of energy sources that includes carbon-based fuels. Even with strong growth in renewable sources, carbon-based fuels must carry the energy load far into the future. Natural gas is critical to this country’s energy future. It is clean, affordable, reliable and abundant, right here in the United States. Our policies should not attempt to determine which energy sources are “winners,” since this raises the risk of picking flawed solutions and discouraging research and development on other sources that might offer potential in the future.
Marvin Odum, CEO of Shell:
Natural gas may not be a renewable, but it is abundant in the U.S. and a lower-CO2 energy source. It will be important both as a bridge to a low-carbon energy future and a vital “destination” in that energy mix. Increased natural gas use for electricity is by far the quickest and least expensive route to cleaner air. Within a couple of years, Shell will be producing more gas than oil, much of that in North America.
Lamar McKay, president and chairman, BP America:
Natural gas has played a supporting role in America’s energy story. However, we believe it is time for its role to change. If the necessary technology is applied, within a stable fiscal and regulatory framework, natural gas can help fundamentally transform America’s energy outlook and emissions profile in the decades going forward. Policies promoting the use of natural gas in power generation hold the potential to create new American jobs throughout the natural gas value chain (exploration, production, pipelines and gas plants).
In each case, natural gas was portrayed as a key cog to the energy equation. Is natural gas really the great bridge to alternative fuels?
Photo: Center for Liquefied Natural Gas
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This post was originally published on Smartplanet.com