Geopolitics of American Energy: Perry Speaks of Bright Future at VA Event

Geopolitics of American Energy: Perry Speaks of Bright Future at VA Event

Energy Secretary Rick Perry listens to a statement by Energy and Commerce Committee Chairman Greg Walden, R-Ore., on TV monitor, during a hearing about the electrical grid, on Capitol Hill in Washington, Thursday, Oct. 12, 2017. (AP Photo/J. Scott Applewhite)

InsideSources | Erin Mundahl | November 6, 2018

Not all that long ago, avoiding gas shortages, and 1970s style gas lines, was a foreign policy goal for the U.S. Today, the development of fracking technology has made America one of the world’s leading energy suppliers, a position that not only strengthens the American economy, but also impacts our foreign policy, says Energy Secretary Rick Perry.

“America is the leading energy producer in the world, not just in terms of our oil and gas, but dealing with nuclear, carbon capture utilization technology to allow coal to be able to be used in a wise and environmentally friendly way,” Perry said, speaking at the Virginia Energy and National Security Forum in Norfolk, Va.

“The fact of the matter is, the world is still going to be using fossil fuels.”

By 2030, 70 percent of the energy produced will still come from fossil fuels, he said, citing International Energy Agency statistics. What America needs is government policies that recognize these realities and which support both conventional and alternative energy.

Perry made a bold prediction about the future of American energy production, saying that, while market fluctuations mean that it is unlikely that the U.S. would ever stop importing oil altogether, the days of relying on foreign suppliers are numbered.

“By 2020, America will be a net crude oil exporting country,” he predicted. “We are already sending our LNG out and exporting crude, but we will be a net exporter by 2020.”

Perry said that the country has already reached a state of energy dominance and the coming years will show that this is a long-term, not temporary situation.

Looking at potential international competitors, Perry sees more encouraging signs. Governmental unrest and economic collapse have slowed production in Venezuela, and other overseas producers have struggled to keep pace with the low American cost of production. On Monday, new sanctions will go into effect on Iran, a development which Perry says he believed the market has already accommodated, but which nevertheless will help American producers maintain marketshare.

Read the full article here.