The future is bright for 'big oil.'
The International Energy Agency says the United States could become the world's No. 1 oil producer by the year 2020. Alex Mills, President of the Texas Alliance of Energy Producers, thinks if that is to happen, the Obama Administration has to play ball.
“I would think that the federal government needs to become more of a partner in making sure that we continue to increase our production,” Mills told KTRH.
Industry analysts expect the Environmental Protection Agency will crack down on hydraulic fracking over the course of the next few years. But Rob Bradley of the Institute for Energy Research says there is still reason to be optimistic.
“We’re getting a lot of supply and a lot of drilling is underway,” Bradley told KTRH. “EPA’s activity would be too little, too late.”
Bradley also says time is not really on the side of those that want to put restrictions on oil companies.
“The Obama Administration only has four years to go and the next administration might be more oil and gas friendly,” Bradley explained.
That said Mills has his concerns about the IEA’s report.
“Hopefully we’ll reach that. But a lot of things have to happen in order to achieve that,” Mills said.
But Mills did say if the federal government does not interfere that much, the industry will grow, and the city of Houston will remain as the energy capitol of the world.