Summary
- The National Petroleum Council (NPC) released an important report that validates the significant growth in U.S. oil and gas supplies.
- The NPC confirmed that new U.S. natural gas resources could supply over 100 years of demand at current consumption rates.
- A key subtext of the report revolves around the controversies associated with the rapid growth of shale gas production and hydraulic fracturing. The Council highlighted the importance of prudent development—especially in parts of the country that have not seen natural resource development in many decades.
- The NPC recommended five “core strategies” moving forward: the establishment of regional “councils of excellence” covering environmental, safety and health practices; a better energy efficiency strategy; proper regulation of energy markets; improvements to the industry’s workforce; and more attention paid to the environmental impacts of carbon fuels.
