On Wednesday, the Fourth Annual Eagle Ford Shale Consortium Conference was held San Antonio. Railroad Commission Chairman Christi Craddick was there to deliver remarks that addressed the current state of the Texas oil and gas industry and provided insight into what may lie ahead in one of Texas’ top shale developments.
“As Texas oil and gas production remains high, we have learned that the price of oil is not the only factor driving the market,” Craddick said. “When prices are down, innovation thrives. Companies are shifting, diversifying and becoming more efficient. New techniques in mineral recovery are being developed, wells revisited and production is increasingly more effective. Mineral resources of all kinds are valued and sold for multiple purposes in an all-of-the-above energy approach to fulfilling our state’s energy needs.”
Roughly 200 businesspersons and government officials occupied the Grand Hyatt hotel in downtown San Antonio. Stakeholders from throughout the Eagle Ford shale play gathered at the meeting to discuss the indefiniteness of world energy prices and response strategies for a slowed market.
“Texas’ prime production conditions have provided an environment well-suited for a dynamic, thriving oil and gas industry,” Craddick noted. “Today, Texas continues to drive America’s competitiveness in the world’s oil market and ultimate independence from OPEC.”
U.S. Chamber of Commerce representative Christopher Guith delivered Wednesday afternoon’s keynote address where he claimed that simple policy tweaks could turn the current slump a full 180 degrees.
“Our policies really are stuck in a 40-year time lapse,” Guith said. Guith also stated that drilling for oil is off limits for 86 percent of federal waters. “You can’t even explore for oil there.”
In addition, Guith also called for congress to lift the 40 year-old ban on American crude oil exports. The commerce representative enticed listeners with promising statistics which would result from lifting the ban. He claimed exports would amount to 394,000 new jobs, generate $1.3 trillion in revenue and lower gasoline prices.
Guith and Eagle Ford producers alike are also calling for the Obama Administration to approve the pending oil swap with Mexico. According to the San Antonio Business Journal, the United States would export 100,000 barrels per day of light sweet crude from the Eagle Ford to refineries south of the border.