Natural Gas: An Important Part Of The United States’ Energy Future
The North American metals industry requires a reliable energy supply to succeed and thrive. As proud stewards of our natural resources, we support policies that protect our environment and provide a stable energy supply. Today’s innovative technologies allow the United States to explore and produce energy from all sources – coal, nuclear, oil and gas and wind and solar – in an increasingly environmentally friendly way. MSCI supports an “all of the above” energy strategy that protects our energy security by expanding domestic energy production to efficiently and affordably deliver power to our nation’s industrial metals industry.
The debate over natural gas production has been a significant focus of the 2016 presidential candidates. This week MSCI’s partners at the Energy Equipment and Infrastructure Alliance reminded members that banning or severely limiting natural gas production would:
- Lead to a loss of more than one million unconventional energy supply chain jobs. Construction workers, equipment operators and maintenance technicians, factory and warehouse workers, truck drivers, welders, administrative workers, and countless other trades and professions supporting energy operations and infrastructure development would all suffer from reduced employment opportunities.
- Eliminate nearly 60 percent of America's natural gas production. The outcome would severely reduce supplies for clean gas-fired power plants, factories and homes and would mean greenhouse gas emissions would resume their rise. Natural gas prices would spike back to pre-shale levels, likely quadrupling or more for home heating, electricity, manufacturing and more.
- Cut more than 4 million barrels per day of American crude oil production from the world market, returning the global supply equation to a shortage and increasing dependence on, empowering and enriching OPEC and Russia. This outcome would likely send crude prices back to triple digits and gasoline back to over $4 per gallon.
With our partners at EEIA, MSCI believes natural gas production helped lift America out of the last deep recession. Eliminating it would soon dump the United States back into recession and would bring back rising prices and increasing dependence on imports.