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America’s Energy Future at a Crossroads
BizWest Energy SummitLoveland COJuly 10, 2014
Christopher GuithSenior Vice President - Policy
Institute for 21st Century EnergyU.S. Chamber of Commerce
U. S. C h a m b e r o f C o m m e r c e
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 RealityEnergy Security is central to our national and economic securityDemand to increase 53% by 2035 90% in non-OECD countriesElectricity 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
2012 2020 2035
Jobs Supported 78k 121k 175k
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 2012-2035
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
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
Oil & Gas is THE Job Driver
-10
0
10
20
30
40
Percentage Change in Employment from 2007: O&G v All Non-Farm
O&G All Non-Farm
+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
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
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. 6-25-14
2009 2010 2011 2012 20130
100000
200000
300000
400000
500000
600000
700000
TruckRailBarge
4.2%4.6%
7.1%
10.1%
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
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
Expected Coal Plant Closures
• >50 GW prematurely retired by 2020
• 15%-20% of entire coal fleet
• ~10% of all US generation