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Digital Power Group President Mark Mills on how the U.S. can boost energy production to become a leading exporter.
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-- battle over what to do with abundant energy resources in the US is sparking controversy on the hill we've got somebody who says North America could become the world's energy export powerhouse.
So is this finally -- strategy the politicians could agree to joining us now marked bills he has.
Digital power group founder and president mark great to see these are some pretty extraordinary claims that your making your that you say.
That the US could actually beat out the mideast as an energy exporter.
In about ten years you also say that could -- seven trillion dollars to our economy where -- these numbers come from and how do we get there.
-- the numbers come from the geo physical reality of North America and they recent trends that a lot of people in the out.
And business and energy news are aware of the United States has reversed its decline in oil production for the first time in forty years over the last three years.
The physical resources in the North American continent and hydrocarbons oil coal natural gas.
Are staggered in the extent of them we have four times as much total energy and resources and that all of the Middle East -- What is what determines whether we can use those resources of course is technology primarily.
And the technology is advanced remarkably in ways that people have just begun to notice some states it's already happened.
Very interesting analyses of -- recently from places like Citibank did a great job would McKenzie and others have looked that and including the -- by the end our US Department of Energy.
And what's happening on the oil gas -- front and in particular oil and gas.
They've seen have phenomenal increase in the production capabilities and the technology to unleash all of our resources about -- And Edward doing it because you just at the beginning of this said that before we have reversed a trend and we are now producing more oil than we have before.
Which is interesting because a lot of people -- said that the Obama administration -- in the way of that but you're saying this is happening now comes the export issue -- If I'm hearing you correctly though a lot of this is natural gas in the world is not running its cars on natural gas right now.
So how do we get people to want and use what we have the most up.
So let me correct one thing quickly most of the increase production in North -- the last four -- five years has come from private -- and state -- not federal -- has been a net decline.
In production from federally controlled by -- course permits does that not from the government.
It requires permits for state governments which have been more -- -- -- the federal government passed the requires access to land which the states have accommodated.
In in deep increase the production is not just.
And natural gas natural gas of course we've had a huge gusher.
It's also on -- we've reversed the decline in oil production in the United States which is unheard up from the most people who have -- that we're running out of oil we're not running out of oil.
We want you to think we're running out of oil -- -- natural gas.
Is to think we're running out of technology the oil -- unlocked by technology by ever better capabilities to find -- resources that are already there.
So we don't have to convince people around their cars and natural gas we have to convince our government to let industry produce more oil gas and coal.
Export to the world because all of the demand mean this whole thing is driven by very simple business -- supply and demand.
Most of the demand for energy all the growth is outside of the United States -- to add.
-- United States worth -- energy demand over the next two decades outside of here we have the supply.
We could choose to supply that can get the economic benefits which -- millions of jobs.
As you said at the outset something like seven trillion dollars -- net economic benefit to our North American economy's most is a bit.
To the United States.
Without subsidies just requires.
Unleashing the capabilities of the native industries we have here -- we pioneered these techno all right.
Well meanwhile in China and other countries -- use a lot of John -- setting on their heels just waiting for all this to happen they're going to candidate that you you know there's this huge deal between.
Canadians in China a fifteen -- billion dollar deal that was an -- and apparently it's only the beginning there could be a lot more deals.
Are we gonna get into late that is even if we begin to gin up as you say with with more natural gas and and and more clean coal -- that sort of thing are the Canadians and others take it.
Market share.
Well no I don't think they they out are they are right now in the short term and up that they can.
Physics in the long term most of the physical resources are in the United States and Canada has enormous -- -- -- resources.
The Chinese are doing something Smart and and they're looking long term.
At what the world will use including themselves for energy and most of the world's energy comes today from hydrocarbons most will come from that in the future they -- secure supplies.
We have -- capital in America locked up that we hear this all the time -- talking about business in investors have capital tied up.
We could be investing -- projects in north and our.
But mark let me just quote Charlie Munger who is -- the vice chairperson halfway he likes the oil industry he respects Exxon mobile big company said why would we.
Not conserve what we have been let the other guys in the middle least use up all of there's it just makes perfect -- let -- use up all of there's.
We should be conserving -- But the problem -- argument is -- treat problems -- -- in short first to presume is we're gonna run out of the stuff so let's protect it.
That's silly were not running out of that we've got.
-- -- -- -- -- -- Second it presumes that we want we don't want those jobs in those economic benefits we're talking millions of high paying jobs rippling out the economy training millions more jobs.
Thirdly.
If we.
We change the geopolitics of the world everyone knows that with the Middle East as the primary swing supplier to the world's energy.
That drives a lot of geo politics not.
Not a favorable way for the United States or anybody else in the world fascinating stuff Mark Mills have from the digital power group thank you very much that are very very it was actually up.
