The planet is endowed with plentiful sources of natural gas and oil, conventional and unconventional. Some estimates place global unconventional gas resources at about 33,000 trillion cubic feet, or about five times the amount of proven reserves at the end of 2009. The outlook for liquids is no less promising. At current rates of global consumption, there are sufficient oil and gas supplies to last well into the next century.
What's missing is a coherent U.S. energy policy. At best, the Obama administration's approach to U.S. domestic oil and gas production can be characterized as a strategy of ambivalence, an uneasy equilibrium between desire to lessen the role of fossil fuels and the reality of their necessity in a functioning U.S. economy. Last year's Deepwater Horizon tragedy in the Gulf tilted the current administration's policies to an even more punitive posture vis-a-vis domestic energy production.
As the French philosopher Antoine de Saint-Exupéry wisely observed, "A goal without a plan is just a wish." Unfortunately for the U.S., there is not even a wish. The time to rethink and redesign our entire energy strategy is now.
The Obama administration must seriously ponder the following questions, because they relate directly to what the president likes to call "winning the future." What will be the make-up of the energy-supply pie, and how can we dramatically increase, even double, our energy efficiency? What exactly are our carbon emission goals? And how do we go from where we are today—importing about 20% of our daily energy supply—to where we want to be in 2026, perhaps even an energy exporter?
We've already entered a new energy era that is dramatically more competitive, diverse and high-tech than the past. The global consumer is king. The future energy picture for the U.S. or the planet is not constrained by the availability of supplies, either fossil or non-fossil, but by efficiency gains in generation and consumption.
This will require real leadership and the clear articulation of energy goals, costs and priorities. Ambiguity will not serve the best interests of future generations. The U.S. does not have an energy problem. It has an energy strategy problem.
Mr. Saleri, president and CEO of Quantum Reservoir Impact in Houston, was formerly head of reservoir management for Saudi Aramco
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