The United States should make the best use of its oil and gas wealth by boosting exports and sharing production technology with other parts of world, Energy Secretary Rick Perry said at CERAWeek.
Perry referred to the drive to increase oil and gas exports and to increase investments in the oil and gas industry as “new energy realism,” adding that “It is by embracing this new energy realism that we will all move towards greater energy security and a brighter, more prosperous future. Let all nations embrace it, and the spirit of imagination and innovation that drives it, for their own sake and for the sake of the world.”
The Energy Secretary noted what the Trump administration has already done for the energy industry, including tax cuts and rolled back drilling and emission reporting regulations from the Obama years, and said that the beneficial effect of a booming energy industry on the U.S. economy could be replicated elsewhere, using the technology developed there that unlocked the extensive hydrocarbon potential of the shale patch.
Perry also addressed climate change, acknowledging its legitimacy but noting that, “We don’t have to choose between growing our economy and caring for our environment.” The secretary suggested if innovation is adopted more widely to replace regulation, everyone will benefit, recalling that during the first shale revolution, carbon emissions in the United States fell by 14 percent. It’s worth noting here that environmental regulation during that time also expanded, especially during Barack Obama’s two terms. Related: IEA Predicts Nightmare Scenario For OPEC
Upbeat as he is on oil and gas, Perry also said that the Department of Energy is working on renewable energy technology, too. Of course, this would be expected despite criticism of the current administration with regard to climate change and renewables. He said the DoE’s research labs are working to make renewable energy systems more powerful and fossil fuels cleaner, even suggesting that an international alliance for reducing emissions from fossil fuels should be formed to spur advancement in this direction.
By Irina Slav for Oilprice.com
More Top Reads From Oilprice.com:
- 44 Things You Didn’t Know About Oil
- The Only Oil Major Not Buying Into The Permian
- U.S. Oil Export Boom Boosts Pipeline Demand
