Asks for key takeaways from API conference and about conflict between administration wanting lower prices and industry needing viable price levels.
speaker1
Mike Sommers
Energy demand will grow for next decade (demand decade); question is whether US political/regulatory environment will unleash American energy production.
Is there price sweet spot where White House and oil/gas industry both happy?
speaker1
Mike Sommers
Administration has reduced regulatory burden (pipelines, EV mandate, LNG permitting pause lifted), lowering production costs.
Corrects myth that EV adoption means huge decrease in oil usage; points to Norway example with high EV penetration but still high oil/gas use.
speaker1
Mike Sommers
All energy sources will see increases; not in competition but working together; core will remain US natural gas and oil.
Asks if US oil/gas industry ready to step up if Venezuela/Iran supply disruptions occur (combined ~4M barrels/day).
speaker1
Mike Sommers
Venezuela and Iran represent tremendous opportunities but require security, rule of law, contract sanctity first.