Last week, Forbes published an op-ed written by Dan Eberhart, CEO of oilfield services firm Canary Energy, in which he discusses how Democrats are using the wrong strategy by stonewalling the oil and natural gas industry. He warns that this method will not bring the votes they hope for, and will instead further alienate those who could benefit from the jobs and economic productivity that oil and natural gas are bringing to this country.
“These presidential hopefuls will no doubt further the initial dog-pile we saw at the first round of Democratic debates by calling for the repeal of so-called ‘subsidies’ for conventional producers, even though what they really mean are tax incentives utilized by most manufacturing industries. They will continue to attack oil and natural gas as climate-change boogeyman, even though the United States’ shale boom has created a path to energy independence, driven carbon emission to record lows and is helping bring alternative fuels online.”
Eberhart specifically calls out Governor Andrew Cuomo, and the damage that his anti-energy views have wrought on the state of New York. Decisions like banning hydraulic fracturing and putting halts on pipeline projects have cost New York jobs, economic opportunities (which have gone instead to other states like Pennsylvania), and resulted in higher consumer costs. The Constitution Pipeline project, worth $683 million, was projected to provide natural gas to 3 million homes, generate 2,400 jobs, and bring in over $160 million in revenue. What happened? Andrew Cuomo denied the project a necessary water permit, pleasing his base at the cost of jobs and income for the rest of New York.
He goes on to list similar projects that Cuomo has halted, which also caused New York to miss out on jobs, revenue, and investment opportunities. Projects include Northeast Supply Enhancement, which could have generated $23.7 million in GDP, and the Northern Access Pipeline, which was projected to generate $735 million in investment and economic activity.
Eberhart concludes that Democrats should face the facts and admit that energy like oil and natural gas is promoting the US economy, and that we need these pipeline projects in order to sustain this economic growth.
“While Democrats may jump at the chance to beat up on oil and gas, their calls to end fossil fuels hardly deal in reality. Traditional fuels supply more than 80 percent of U.S. energy. Technological advances are making these resources safer, cleaner and more efficient, allowing for falling carbon emissions even while production – and economic growth – increase.
Shale development and robust infrastructure capabilities are helping to drive our economy, secure the country’s energy independence, reduce our carbon footprint and better protect our communities and the environment. Voters likely won’t hear that on stage during the forthcoming Democratic debates either. But if there is any reminder needed of where the candidates stand on ensuring affordable and reliable energy, all they need to do is look at the problems Gov. Cuomo has created in New York.”
Read the full article here.