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Testimonies & Speeches by Jason Bordoff • April 26, 2016
Founding Director Jason Bordoff testified before the Senate Energy and Natural Resources Committee on the challenges and opportunities for oil and gas development in different price environments. In his testimony he makes three main points:
First, the oil price collapse has hurt many workers, families and communities by causing job losses in oil-producing states, with U.S. oil production now falling sharply after a lag. While low oil prices, on net, are a boost to the U.S. economy, that benefit has been more muted than many expected based on past experiences.
Second, while oil prices are low today, it is far from clear they will remain low. The oil industry has long known cycles of boom and bust, and there are many factors today that may combine to cause a price spike more quickly than anticipated. Moreover, oil prices moving forward may be more volatile than in the past.
Third, as the committee knows, the federal government has a diverse set of responsibilities regarding energy production, including to protect air and water quality, regulate oil and gas production on public lands, correct market failures, and more. These roles are necessary, and government should design smart and cost-effective regulations regardless of oil prices, particularly as this commodity’s future supply, demand, trade, and price trends are notoriously difficult to forecast.
Download the written testimony [PDF]
The European Commission (EC) published a proposed regulation on June 17 to end Russian gas imports by the end of 2027; this followed the initial roadmap to do...
This has become a decade of disruption for energy, especially for natural gas
Saudi Arabia’s recent moves into the liquefied natural gas (LNG) market may be a sign the giant oil exporter is looking to expand into a rapidly growing and politically influential market it had long ignored.
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Testimonies & Speeches by Jason Bordoff • April 26, 2016