Energy future will be defined by the relationship between fossil fuels and renewables: Opposing view
There has never been a better time to invest in natural gas and oil.
They’re our energy present, running America’s modern economy and strengthening U.S. security in a world where security is measured by ready access to affordable energy.
They’re also our energy future, with clean natural gas the indispensable partner to the growth of renewables such as wind and solar. It’s impossible to talk about a clean energy future without recognizing the essential, reliable role of natural gas.
Our energy future will largely be defined by oil, natural gas and the relationship between them and renewables — which is why U.S. and international projections indicate fossil fuels will provide more than 75 percent of growing global energy needs in 2050.
Thanks to the U.S. energy revolution, we’re positioned to meet that demand while also providing reliability and consistency to the expansion of intermittent energy sources in a large country. In this real-world context, the idea that Americans must choose between renewables and natural gas and oil is simply impractical, and those who try to pit one against the other peddle a false narrative.
Let’s not forget that surging domestic energy also is driving progress on climate goals; growing use of clean natural gas is the primary factor behind U.S. success in reducing carbon dioxide emissions, more than any other nation. The natural gas and oil industry is a solid, long-term investment.
As an investment, natural gas and oil stock prices generally depend on several factors, including commodity prices, margins and investors’ appraisals of future prospects. With this global perspective plus an understanding of the sheer scale of the energy, infrastructure and systems required to meet the world’s growing demand, it’s a viable outcome with the key challenge to balance human and economic development while also reducing emissions. That’s where new technology and free markets can and must come in.
Natural gas and oil are America’s leading energy sources, now and for the long run.
R. Dean Foreman, Opinion contributor –R. Dean Foreman is chief economist for the American Petroleum Institute.
Photo: As published in USA Today – Oil field workers near Medicine Lodge, Kansas. (Photo: Orlin Wagner/AP)
