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How to Move the U.S. Toward Cheap Plentiful Energy

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  • Description

    Joel Kurtzman of the Milken Institute weighs in on the natural gas and oil boom.

  • Duration 3:31
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This transcript is automatically generated

SA.

RA in 2008 national doubtful Burt like twelve to fourteen -- unit in the futures market now -- -- -- just about two dollars about 250.

The government says also that there's enough supply to last at least a hundred years a look at that you send me three -- they make me a liar.

We hope -- while watching it debates rich energy direction to take my next guest says markets have moved in exactly the direction the country should towards cheap.

Plentiful and energy.

Joining me now is -- Kurtz -- executive director of the center for accelerating energy solutions.

At the Milken Institute -- thanks so much for joining us and of course we are reacting to the -- that you wrote in the Wall Street Journal which is fantastic.

Let me ask you this pleasure thank you your basic premise is that.

High prices drove all of this fracking that's gone in the US and brought about this plentiful supply of natural gas which drove down the price and it's absolutely -- We have seen the -- with -- about why do you -- Now -- -- so globally traded commodity and so what happens in the US is affected by.

Markets in the Middle East in Europe and so forth but.

We don't have that same -- market with natural gas so there's a big disparity in price.

For natural gas depending on the country.

And you want promising is that I have followed energy for a long time and one of the problems that's happened with natural gas is we have seen this tremendous supply.

Come onto the market but in the meantime the government's diverted a lot of attention to other types of energy so now we have this huge supply.

But we haven't really made the transition to make use of enemy for example Boone Pickens was.

You know pushing people towards natural gas for transportation if we had done that -- be able to really take advantage of all -- national Baptist on the market right now.

So it's sort of -- right now we have a big supply that's not getting used.

Well it's not just that it's not getting used were running out of storage space.

So there's -- -- we have a bonanza of energy right now the United States is the single largest.

Has a single largest reserves in the world.

Of any country we've jumped ahead of the Middle East and we have to put this energy to work.

Transportation is an obvious way to do that and I think the Pickens Plan that's a great planned by the way.

Yet so what do we do right now to take advantage of this and what lessons should we -- going forward.

Well we need to start.

First -- fall getting people to understand that if we shifted transportation.

Particularly.

Long haul trucking.

From diesel fuel which is four and a half to five dollars a gallon.

To natural gas the equivalent would be about two dollars a gallon fuel that's a great savings that will bring companies.

To manufacture in the United States -- shipping costs would be solo.

It would also bring.

-- a lot of chemical companies and companies that want to make plastics and various other types of products out of that natural gas.

Even fertilizer.

So we have to start telling people about this demands that is essentially.

Has happened while many people were just unaware.

Yeah and I would take it one step further stated that would even bring down the prices of everyday products to consumers to you need to everyone in our audience because.

Transporting it to market would be so much cheaper.

It's such an important point -- -- at a time I'd love to have you back.

I wish -- had more time thanks so much for coming on.

Thank you.

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