Upstream Texas - Fall/Winter 2011 - (Page 20)

F E ATU RE 02 Natural Gas Revolutionizing the energy mix W 20 HEN ECONOMIC RECESSION HIT THE UNITED STATES IN 2008, MANY WONDERED IF AND WHEN OUR COUNTRY WOULD RECOVER. IN A COMPETITIVE GLOBAL ENVIRONMENT, HOW COULD THE U.S. RETURN TO PROMINENCE AS A STRONG BUSINESS LEADER WHEN FACED WITH THE INCREDIBLE CHALLENGES IT WAS CONFRONTING? COULD THERE BE ANY ECONOMIC SCENARIO THAT WOULD BRING BACK JOBS AND REVENUE BASE, AS WELL AS RESTORE THE U.S. TO THE DOMINANT POSITION IT ONCE HAD? Contributions from the energy sector have certainly softened the financial blow to the overall U.S. economy, particularly in Texas. More specifically, technological breakthroughs made in the exploration and production of natural gas have provided abundant supplies of energy to satisfy needs. Natural gas is now being produced and distributed at a rate that accommodates supply and demand in the marketplace, and will continue to do so in the future. Here in Texas, we can appreciate how oil and gas revenue and taxes have allowed our state to withstand the worst blows of economic recession. We are fortunate to be sitting atop the Barnett, Eagle Ford and Haynesville Shale formations, all of which present golden opportunities for drilling. Texas is the number one natural gas-producing state, with more than 30 percent of the natural gas produced in the U.S. coming from the Lone Star State. But natural gas production is also helping boost other regions of the country, including the Northeast with the Marcellus Shale and the plains and mountains of the West with the U PS T REAM T EX AS F A L L | W I N T E R 2 0 1 1 -12 World primary energy demand by fuel in the GAS Scenario Mtoe 5 000 Oil Gas 4 000 Coal 3 000 Biomass Nuclear 2 000 1 000 Other renewables Hydro 0 1980 1990 2000 2010 2020 2030 2035 Gas overtakes coal before 2030 and meets one quarter of global energy demand by 2035 – demand grows by 2 percent annually, compared with just 1.2 percent for total energy © OECD/IEA 2011 SOURCE: IEA’S GOLDEN AGE OF GAS Green River Basin and Niobrara Shale plays. In the same way the industrial revolution spurred manufacturing, just as the digital age spurred electronic communication, advances in natural gas drilling and production are spurring the U.S. economy with tangible benefits now and for years to come. This energy revolution, which began in Texas, is having reverberations internationally. Nations worldwide are looking to Texas as the leader in developing technology, regulatory insight and economic infrastructure for natural gas.

Table of Contents for the Digital Edition of Upstream Texas - Fall/Winter 2011

Chairman’s Message
President’s Message
Family Ties - Generating success generation after generation
Natural Gas - Revolutionizing the energy mix
Above and Beyond... TIPRO members recognized by the EPA
Member Profile
Legislative Profile
Regulatory Profile
Calendar of Events
Index to Advertisers/

Upstream Texas - Fall/Winter 2011