“Today’s release proves that American ingenuity and sensible regulations can unlock hundreds of years of affordable energy supplies under our feet, create good-paying jobs, and promote our nation’s energy security.”
– IER Senior Vice President Daniel Kish
WASHINGTON D.C. — The Institute for Energy Research (IER) responded today to the Energy Information Administration’s release of the Annual Energy Outlook 2013 Reference case, which revealed dramatic increases in shale oil and natural gas production on private and state lands in Texas and North Dakota. Meanwhile, U.S. coal production will continue to decline at least through the year 2016 due to the shuttering of numerous coal-fired power plants. Future sales of battery-powered electric vehicles will be 65 percent lower than last year’s projections, though electricity generation from renewable sources will grow even with the expiration of existing federal subsidies.
IER Senior Vice President Daniel Kish issued the following statement:
“Safe, innovative hydraulic fracturing technologies have freed the United States from years of fear mongering that America’s energy future was bleak. Today’s release by the Energy Information Administration proves that American ingenuity and sensible regulations can unlock hundreds of years of affordable energy supply under our feet, create good-paying jobs, and promote our nation’s energy security. What is occurring on state and private lands is nothing short of a miracle.
“Of the 900,000 barrels per day increase EIA has reported, 750,000 of it came from shale plays on non-federal lands in Texas and North Dakota. By 2040, onshore production of tight oil rises to 51 percent of total onshore production in the lower 48, up from 33 percent last year. This will translate to good-paying jobs for thousands of American workers and incalculable economic benefits for our country.
“Imports of liquid fuels as a share of total U.S. liquid fuel consumption are projected to decline to 34 percent by 2019, increasing our energy security and limiting our vulnerability to politically unstable oil regimes halfway around the world. The potential to produce all the energy we need in the U.S. by domestic sources is clearly within reach, but Washington continues to restrict access to taxpayer-owned resources that we could safely and efficiently begin to tap.
“Today’s report does not hold good news for the electric car market, which is suffering from over production and low demand despite thousands of dollars in federal subsidies spent on every car. EIA also reports that U.S. coal production will continue to decline for the remainder of the Obama administration, a fact that offers little hope to the hardworking Americans in coal country who depend on this affordable and reliable energy resource for jobs.”