3-22-13 BC Breakfast
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Transcript of 3-22-13 BC Breakfast
Energy in America Gerges Scott, Agenda Global VP Energy Unit
The world will require 53% more energyin 2035 than in 2008 in order to sustain
modest economic growth
The U.S. will require 9% more energyin 2035 and more than half of it
will be met by oil and gas
Ultimately recoverable oil resources dwarf current proven reserves
U.S. oil and natural gas productionis increasing as a result of technological innovations
U.S. Crude Oil Production(Thousands of barrels per day)
U.S. Natural Gas Production(trillion cubic feet)
Shale resources are widelydispersed across the U.S.
New technology allows for additional access to resources
The technology is designed to protect the environment.
Shale gas production is offsetting declining production from other U.S. natural gas resources
Shale development equals more jobs
Construction Industry
Trucking Industry
Drilling Industry
Hospitality Industry
Chemical Industry
Steel Industry
Many factors affect the price of oil, but in the end it comes down to supply and demand
Source: EIA
Why does gasoline cost what it does?
62%
Crude Oil Refining Excise Taxes Retailing
18% 11% 9%
Sources: EIA, based on average September price of $3.85 per gallon
U.S. refining capacity continues to expand even though the number of refineries has declined
Source: EIA
Development of Canadian oil sands would benefit the U.S. economy
Energy Works in New Mexico
• 79,389 Total statewide jobs provided or supported by the industry • $68,014 Average salary for industry employees 2
•$3.8 billion contribution to NM labor income•$7.4 billion contribution to NM economy (2011) 1
•14,603 additional jobs created by 2015 and 15,986 additional jobs created by 2020 supported by oil/gas industry operations in NM 3
•An average of $49 million of new, additional revenue generated by the industry directly to the state every year through 2030 4
A Harris Interactive poll release in January 2012 found that 70% American voters favor increased access to U.S. oil/gas resources. 5
1 PricewaterhouseCoopers LLP 2 Bureau of Labor Statistics 3 Wood MacKenzie 4 NMDFA5 API
New Mexico Uranium Industry
New Mexico Coal Industry • Coal will continue to play a vital role as part of a diverse generation portfolio that must include all fuel types as well as increased renewable capacity• Coal is one of the few resources that can provide base load power (operates > 90% of the time)• Over 50% of the U.S. electricity supply currently comes from coal• The U.S. has 250 years of recoverable coal reserves which represents over ¼ of the world’s total.• The U.S. has more coal than the Middle East has oil
Get Involved
For more information visit: www.api.org http://www.nmenergyforum.com www.energytomorrow.org www.energycitizens.org