21st Century Energy Markets: How the Changing Dynamics of World Energy Markets Impact our Economy and Energy Security, Hearing before the Committee on Energy and Commerce, Subcommittee on Energy and Power, U.S. House of Representatives, One Hundred Fourteenth Congress, First Session, March 3, 2015 [open pdf - 3MB]
This is a testimony compilation from the March 3, 2015 hearing "21st Century Energy Markets: How the Changing Dynamics of World Energy Markets Impact our Economy and Energy Security," held before the House Committee on Energy and Power. From the opening statement of Chairman Ed Whitfield: "When it comes to energy markets, the transformation over the last decade has been dramatic. In fact, several longstanding energy trends have completely reversed themselves. America has gone from declining oil and natural gas production to unprecedented increases that now make us the world's largest energy producer and a potential exporter. As a result, fears about rising import dependence and skyrocketing energy prices have been replaced with surging domestic supplies that are driving down prices - so low in fact that they are now discouraging additional drilling in the U.S. The downstream changes have been every bit as dramatic. Domestic refineries, a number of which were optimized to handle imported crude, now have the option of transitioning to use more North American oil. And for manufacturers, the offshoring trend has stalled, and in fact some of the manufacturing capacity that had been forced overseas by competitive pressures is now returning to the U.S. because of the low energy prices. And North America's new energy supplies have necessitated a major infrastructure build-out in order to deliver this energy to the consumers and businesses that need it. The changes also have significant geopolitical implications. Many of our energy-importing allies were resigned to growing dependence on OPEC [Organization of the Petroleum Exporting Countries] and other unfriendly exporters like Russia, but now they see America as a potential new source of reliable and affordable energy supplies. As a result, America has the opportunity to fight back against the geopolitical influence of the countries that used to dominate global energy markets, and exert our own influence instead." Statements, letters, and materials submitted for the record include those of the following: Adam Sieminski, John Kingston, Amy Jaffe, Scott Sheffield, Charles Drevna, Graeme Burnett, and Brad Markell.
U.S. House Committee on Energy and Commerce: http://energycommerce.house.gov/