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Oil Boom 2.0 is Here. But Do Our Political Leaders Get it? April 24, 2013

Dr. John Felmy, Panel 1 - U.S. Energy in Flux

Dr. John Felmy, Panel 1 - U.S. Energy in Flux (Photo credit: EnergyTomorrow)

By Julie Murphree, Arizona Farm Bureau

The cover story for the April 2013 issue of Arizona Agriculture is about oil and natural gas and what it means to agriculture. I interviewed Chief Economist for American Petroleum Institute (API), John Felmy, Ph.D. He happened to be in Phoenix for a conference and so we scheduled an interview. The story of today’s oil and gas resources here in North America is compelling. Hopefully we won’t miss out on the opportunity.

Petroleum Industry Park, Corsicana, Texas

Petroleum Industry Park, Corsicana, Texas (Photo credit: fables98)

This article, “A Conversation with an Energy Economist: Oil Boom 2.0” ┬áis worth the read especially since it has some surprising details that unless you’re in the oil industry, you might not realize are going on. I learned several things from the interview.

1. We’re in the thick of an oil and natural gas boom in North America.

2. It’s a boom that’s so big and compelling that we could actually become energy independent!

3. The greatest concern is that over-regulation could bring this boom to a screeching halt (go figure).

4. Arizona even has some oil and natural gas wells.

5. Agriculture has a duel benefit in the boom.

6. The oil and gas industry could be the one key economic savior to a still-sluggish economy.

7. New technology is the biggest driver of this energy potential including discovering never-before known oil and gas resources.

8. The industry could add 1.4 million new jobs by 2030

The article dives into the challenges of making this work and what appears to be the biggest roadblocks. Since everything runs on energy, America would be foolish to ignore the opportunities.

 

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