OIL SUPERPOWER AGAIN?: Liveris, CEOs, Urge Hands Off Regulation
February 28, 2013
By: Dave Rogers
Dow Chemical CEO Andrew Liveris joins chorus urging less oil & gas regulation.
Hands off, Uncle Sam!
Cut regulations and let the oil and gas flow, says Andrew Liveris of The Dow Chemical Co., Midland, and other top executives.
U.S. business executives this week unveiled a plan to rev up the U.S. economy by producing more oil and gas, boosting energy efficiency and supporting renewable power.
The major theme advanced by the group of CEOs: Take a hands-off approach to regulation.
The extent of the energy crisis was outlined by top Dow scientist, Dr. James C. Stevens, in a recent MyBayCity.com article.
U.S. industry is at a competitive disadvantage in petroleum discovery since most untapped reserves are off limits or federal leases and regulations are too high and red tape entangled, said Dr. Stevens.
This problem adds $100 billion per year to U.S. energy costs just in natural gas alone, he added.
The 76-page Business Roundtable "CEO vision for America's Energy Future," lays out a blueprint for lawmakers and the Obama administration to capitalize on climbing domestic oil and gas production and energy efficiency gains.
Honeywell International CEO David Cote said the group believes the U.S. needs a "competitiveness agenda" where energy is prioritized.
Chevron Corp. CEO John Watson said it is "vital that the government work with us to produce a policy framework that supports investments," because, right now, "what's holding us back is (the lack of) a national strategy for taking advantage of this opportunity."
"Driven by private sector innovation and investment, the United States is poised to regain its status as an energy superpower," Watson said. "The dramatic rise in U.S. oil and natural gas production is creating jobs and economic growth across America, but our ability to take full advantage of the historic opportunity in front of us depends upon the right policy framework."