On Bauer Business Focus — A conversation on the “era of abundance” in energy with Houston Public Media News 88.7 Business Reporter Andrew Schneider.
Karen Harbert, president and CEO of the Institute for 21st Century Energy at the U.S. Chamber of Commerce in Washington, D.C., stopped by Bauer Business Focus to discuss one of the most prominent revelations of the new era of energy, the transition from scarcity to abundance and the issues it brings with it.
The era of abundance and innovation in North America was the theme of the recent ninth annual Mayer Brown Conference focusing on energy. The theme of abundance fits well, even more so when comparing it to previous decades, Harbert said.
“The abundance is a very nice comparison to what we’ve been operating with for so long, which were eras of scarcity,” Harbert said. “We were importing more, we thought we were running out of natural gas. Now we look at waking up in the 21st century and we have an era of abundance and now we have to make some choices about what we’re going to do about that.”
North America has a broad and diverse resource base, but the U.S. has a policy framework that reflects the energy industry of the 1970s and 1980s when there was a scarcity, resulting in a new area of challenges for the new era, Harbert said.
“We have a policy that we can’t export oil and one restricts our ability to export natural gas. We still have policy that restricts our ability to explore on the Atlantic coast, the Pacific coast and parts of the Gulf of Mexico,” Harbert added. “We’re trapped in our old energy reality rather than where we are today.”
Click here to hear the full interview.