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Pros and Cons of Exporting Energy

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  • Description

    Former Shell Oil president John Hofmeister on natural gas output.

  • Duration 3:51
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-- new government report out says that exporting natural gas can boost the economy but what will exports due to the domestic cost John -- Meister is the founder of citizens.

Some affordable energy.

And a former president of shell oil and he joins us to break down the pros and cons on this story.

So what -- -- we have an abundance of this resource because we've just become the king of fracking.

But America is get very insecure about exporting energy.

Well -- the good news you started with yes we have.

More natural gas than we even know Melissa there's so much there and we have the technology we have the people.

We have the financial wherewithal to produce however much were allowed to produce and that's a key -- how much are we allowed to produce.

This is that government run market now it's not a free market that's a government run market so where's the government on your question.

Yeah we don't know no we don't we don't yet know leadership.

Yeah we don't know -- -- he's got political leadership hospital that is certain extent.

I'm 47 billion dollars is a lot of money obviously.

That would create quite a lot of jobs rating could be really turned down.

So many jobs and so much revenue right now in the economy's hurting so much.

And it's not just export -- If we have a market out there to serve but let's do even more with natural gas let's make natural gas in the transportation fuels whether it's CNG.

Compressed natural gas liquefied natural gas both for trucking.

Methanol or even gasoline can be made from from natural gas.

And then so why don't we use natural gas and get off imported oil we can't take -- -- little bit of political leadership.

Yet you say you're talking about exit let Alan G is liquefied natural gas that would be what we would have to deal we wanted to export natural gas -- -- Asia or Europe which are -- right markets.

We could probably sell it there you know for quite a profit at this for now -- You know what you do have to get through the cost of what qualifying it you think we should keep the domestically and instead use it for transportation.

Let's do both I think we have enough to do -- that's my point.

But what we need is permission to keep drilling.

And we've seen no leadership out of the -- -- administration.

On the future of drilling they have an -- five year plan that's kicking in two years late.

But no new areas being opened up by the way it's just a rehash of existing areas.

We've seen declines in drilling on federal lands that doesn't help the situation the reason we're seeing more production of oil and natural gas.

Is because state permits on private lands.

Driven by industry investment has actually helped and what it has done Melissa it is unearthed.

How abundant this resource says that's random why don't we continue to import so much oil.

When we when we using natural gas -- that -- any arguments against what you're saying is that if we start to use it for these other uses or we send it overseas.

That it competes with manufacturers domestically or energy producers -- are benefiting from -- and cheap natural gas.

-- -- is more competition -- raise the price to the consumer.

You know at home who's getting electricity or to manufacturers how do you respond about real quick before we -- Let's keep drilling.

The more supply.

-- more abundance the lower the price on average we can do it all -- so that's my whole point if the government would get out of the way and would assist in the production of natural gas manufacturers would have nothing to worry about because we have so much.

Alright.

John how -- thanks so much for coming on.

Particularly with the government is the problem is telling the government yes.

Up I have heard it may oh yeah in -- -- of the.

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