American Oil and Gas Reporter - June 2017 - 117

now contributes 8 percent. Oil and gas
companies employed 2.6 percent of Texas
workers two years ago, but direct oil and
gas industry employment now stands at
1.7 percent.
Orrenius pointed out Texas was the
top exporting state in the nation, with
$250 billion in products-many energyrelated-sold overseas. Moreover, she assessed, global markets were exhibiting
signs of economic recovery.
"I like to remind everyone Texas is
very closely tied to Mexico in terms of
trade," she said. "Mexico now is buying
about 20 percent of Texas' natural gas
output. The state's economy depends not
just on Mexico's economic health, but
also continuance of the North American
Free Trade Agreement, which Texas
thrived under."
The downstream industry often is
overlooked in oil and gas discussions,
but she pointed out the Texas downstream
sector stayed strong during the oil price
downturn and it, along with the service
sector, helped keep the state going. "Texas
still is home to 36 percent of U.S. crude
oil production, 25 percent natural gas
production; it has about 30 percent of
U.S. refinery capacity and more than 60
percent of U.S. petrochemical production,"
Orrenius said.
While energy plays a key role in the
state's economy, she observed Texas was
home to other significant industries and
businesses, and supported them with a
business-friendly climate, taxes lower
than most other states, and a relatively
low cost of living.
"We certainly seen a lot of growth in
firms and also in migration into the state

Pia Orrenius, vice president of the
research department at the Federal
Reserve Bank of Dallas, tells the Texas
Alliance of Energy Producers that
Texas oil production is growing again,
with production in March estimated
at 3.6 million barrels a day, a sharp
jump from January figures.

over the past 10 years," Orrenius concluded. "Texas has a lot going for it right
now, but again the Fed does see some
weaknesses and some vulnerabilities. I
call them oil bust hangovers."

Fossil Fuels
In her keynote luncheon speech, Kathleen Hartnett White, distinguished senior
fellow and director at the Armstrong
Center for Energy and the Environment
at the Texas Public Policy Foundation,
offered the Alliance scientific and economic arguments for supporting the
world's continuing reliance on fossil fuels.
During the past 20 years, the United
States has seen major reductions in emissions of air pollutants, White pointed
out. She said better motor fuels and improved engine technologies helped cut
aggregate pollutants from car tailpipes
by 90 percent since 1990, even as vehicle
miles traveled doubled. She questioned

Texas Alliance of Energy Producers Chairman Emeritus Townes Pressler (left), and chief
Alliance lobbyist Bill Stevens (right), visit with Kathleen Hartnett White, director at the
Armstrong Center for Energy and the Environment at the Texas Public Policy Foundation,
before her keynote luncheon speech at the Alliance's annual convention and expo, held
April 25-26 in Wichita Falls, Tx.

why the federal government considered
carbon dioxide a similar threat.
"I have worked on these issues for
more years than I like to admit, and I
have watched the evolution of federal
environmental laws. Over the past eight
years, I have been stunned by the expansion of the government's authority, by
the president of United States openly
talking about decarbonizing. Really? Our
bones and blood are made of carbon, and
carbon is the basis for Earth's system of
life," she said.
Carbon dioxide has none of the characteristics of a pollutant-it is harmless,
invisible and odorless, and humans exhale
it at concentrations of 40,000 parts per
million, and yet it is a central concern to
many in the public debate about climate
change, she said. "There is a growing
disparity from what I call the alarmists-
not true scientists-between what is predicted by the models that are driving the
Paris agreement and rules in the United
States," White asserted.
While the federal government does
have a role to play in protecting public
health through limits on pollutants, she
pointed out excessive overregulation has
costs. White noted the U.S. Environmental
Protection Agency issued regulations in
2013 for which compliance costs totaled
$90 billion.
"There is nothing special about fossil
fuels, but under current technology there
is nothing at this time and at least in the
medium-term future, and perhaps distant
future, that can provide the goods and
services that fossil fuels deliver," White
observed. "They have qualities no other
energy source does. This has been recognized not only by cheerleaders for the
fossil fuel industry, but by Bill Gates,
who having for years invested billions of
dollars in wind and solar, decided that
was not going to work. According to the
laws of thermodynamics, wind and solar
cannot actually replace fossil fuels." r
JUNE 2017 117



American Oil and Gas Reporter - June 2017

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