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Industry economist: Oil, gas production key to recovery

Santa Maria Times -- If oil producers had unfettered access to North American fields, the country could be self-sufficient within a dozen years, a top industry economist said Friday.

John Felmy, chief economist for the American Petroleum Institute, said there is enough untapped oil and gas in North America, including off the Pacific Coast, to allow the United States to wean itself from imported crude.

“The world is full of oil and natural gas. We just have to have the desire to get it,” Felmy told a group of around 200 business people at the North County Economic Summit, which was presented by the UCSB Economic Forecast Project.

Felmy blamed over-taxation, limited access to federal lands, and stifling regulation for slowing industry production and with it the economic recovery.

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Submitted May 06, 2012 By: aservant

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rjhenn Champion Author Des Moines Posts:22,419 Points:2,226,900 Joined:Aug 2005	Message Posted: May 7, 2012 8:16:09 PM Ignore rjhenn Report Abuse HYEgasCA - "So who are we suppose to listen to? President Obama?" No, you're supposed to listen to multiple sources, with differing viewpoints, and evaluate each to come to your own decision, not listen to, and believe, one selected source without thinking about it.
sparky808 Champion Author Honolulu Posts:2,986 Points:595,785 Joined:Sep 2011	Message Posted: May 7, 2012 1:32:50 PM Ignore sparky808 Report Abuse Thank you for posting.
koikaze Veteran Author Sacramento Posts:397 Points:110,075 Joined:Aug 2011	Message Posted: May 7, 2012 2:36:26 AM Ignore koikaze Report Abuse wrong, its temporary solution at best
CdnLynx Champion Author Ontario Posts:1,018 Points:521,215 Joined:May 2008	Message Posted: May 6, 2012 11:58:29 PM Ignore CdnLynx Report Abuse This epiphany does not take a rocket scientist.
must87searcher Champion Author Maryland Posts:8,966 Points:1,777,505 Joined:Apr 2008	Message Posted: May 6, 2012 11:03:25 PM Ignore must87searcher Report Abuse It is true that there is a lot of oil available in the US, but too just drill more, which is a good idea, does not mean that exporting it from the US will slow done. Nations which are high in business, like in Asia will still be buying it because they have the money too afford it. A larger percent will be can be sold here, but how much is the next question.
djgunrunner Champion Author Salt Lake City Posts:10,082 Points:2,345,680 Joined:Apr 2005	Message Posted: May 6, 2012 10:36:35 PM Ignore djgunrunner Report Abuse That would tell me that as long as obama is in nothing will happen. He is not the biggest supporter of drilling around now is he?
gknee09 All-Star Author Philadelphia Posts:980 Points:820,065 Joined:Jul 2009	Message Posted: May 6, 2012 10:22:07 PM Ignore gknee09 Report Abuse we need to get out of the hole before we can cut back on things
carranco Champion Author Georgia Posts:1,027 Points:267,390 Joined:Dec 2008	Message Posted: May 6, 2012 10:03:27 PM Ignore carranco Report Abuse It is a crying shame that we have to import oil with all the resources we have at home. We have to get rid of Obama.
ExplorerWA Champion Author Washington Posts:4,062 Points:794,225 Joined:Feb 2011	Message Posted: May 6, 2012 9:02:47 PM Ignore ExplorerWA Report Abuse It sure seems key to me.
Blue48 Champion Author Illinois Posts:7,295 Points:1,635,995 Joined:Feb 2007	Message Posted: May 6, 2012 8:52:43 PM Ignore Blue48 Report Abuse WISH FOR THE BEST!
OGW Champion Author London Posts:5,324 Points:1,529,650 Joined:Sep 2005	Message Posted: May 6, 2012 7:39:47 PM Ignore OGW Report Abuse The oil company paid economist is partially right as there is much untapped oil but some is in places that should not be exposed to drilling but the vehicle industry could make a much bigger impact by producing vehicles which go many times further on a gallon of gas. They are failing very badly at this task which is not impossible with the technology available to them today. They could more than triple the economy if they put their best minds at it.
my2002m Champion Author Tulsa Posts:6,059 Points:1,667,375 Joined:Jul 2008	Message Posted: May 6, 2012 7:25:26 PM Ignore my2002m Report Abuse Yes it is. Better to keep those dollars right here in our own country rather than sending it overseas.
suzmar Champion Author Texas Posts:2,210 Points:869,975 Joined:Jun 2006	Message Posted: May 6, 2012 7:19:21 PM Ignore suzmar Report Abuse Duh! Too bad we have an administration that hates the oil and gas industry.
Taurus1 Champion Author Ohio Posts:3,115 Points:1,670,700 Joined:Apr 2006	Message Posted: May 6, 2012 7:18:07 PM Ignore Taurus1 Report Abuse ok
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: May 6, 2012 7:12:54 PM Ignore Agarre Report Abuse lets see..,
SandeeC Champion Author Ontario Posts:2,983 Points:459,505 Joined:Apr 2011	Message Posted: May 6, 2012 7:10:21 PM Ignore SandeeC Report Abuse Not just "We just have to have the desire to get it,” but get the government to stop horsing around and get going on it.
HYEgasCA Champion Author Fresno Posts:2,111 Points:908,250 Joined:Dec 2008	Message Posted: May 6, 2012 7:08:48 PM Ignore HYEgasCA Report Abuse rjhenn wrote "chief economist for the American Petroleum Institute". What else would you expect him to say?" So who are we suppose to listen to? President Obama?
boatmen Champion Author New York Posts:3,070 Points:620,630 Joined:Jan 2011	Message Posted: May 6, 2012 7:07:58 PM Ignore boatmen Report Abuse key to big oil gouging us some more
AllGold All-Star Author Lansing Posts:746 Points:1,569,250 Joined:May 2008	Message Posted: May 6, 2012 7:01:49 PM Ignore AllGold Report Abuse The guy is a mouthpiece for the American Petroleum Institute. He's not exactly impartial.
VetteBlue Champion Author San Jose Posts:8,023 Points:1,612,720 Joined:Jan 2007	Message Posted: May 6, 2012 7:01:14 PM Ignore VetteBlue Report Abuse There is lots of oil and natural gas.
JCI46009IN Champion Author Indiana Posts:2,129 Points:439,570 Joined:Sep 2011	Message Posted: May 6, 2012 7:00:54 PM Ignore JCI46009IN Report Abuse Employment is the key to recovery.
Tehbob Champion Author California Posts:2,281 Points:454,680 Joined:Jan 2012	Message Posted: May 6, 2012 6:58:55 PM Ignore Tehbob Report Abuse unfettered access to North American fields...seriousely? umm, think BP in the Gulf??
slowtrain Champion Author Georgia Posts:3,652 Points:945,975 Joined:Aug 2008	Message Posted: May 6, 2012 6:58:51 PM Ignore slowtrain Report Abuse Lower gas prices are the key to economic recovery.
nehemiah Champion Author Portland Posts:4,746 Points:927,590 Joined:Jul 2007	Message Posted: May 6, 2012 6:57:54 PM Ignore nehemiah Report Abuse yes, but we still need alternatives
rjhenn Champion Author Des Moines Posts:22,419 Points:2,226,900 Joined:Aug 2005	Message Posted: May 6, 2012 6:53:59 PM Ignore rjhenn Report Abuse "chief economist for the American Petroleum Institute". What else would you expect him to say?
HYEgasCA Champion Author Fresno Posts:2,111 Points:908,250 Joined:Dec 2008	Message Posted: May 6, 2012 6:53:46 PM Ignore HYEgasCA Report Abuse Will someone tell that to the greenie-weenies!!
pper Champion Author Grand Rapids Posts:3,069 Points:666,945 Joined:May 2011	Message Posted: May 6, 2012 6:52:39 PM Ignore pper Report Abuse Not till we get rid of Obama.
bevmill Champion Author Georgia Posts:2,562 Points:597,295 Joined:Apr 2006	Message Posted: May 6, 2012 6:52:27 PM Ignore bevmill Report Abuse ok
Ringmaster2008 Champion Author Ontario Posts:7,568 Points:1,162,485 Joined:Apr 2008	Message Posted: May 6, 2012 6:50:47 PM Ignore Ringmaster2008 Report Abuse NIMBY thank you very much.
Wisegold Rookie Author Kansas City Posts:63 Points:131,735 Joined:Feb 2012	Message Posted: May 6, 2012 6:49:11 PM Ignore Wisegold Report Abuse Yes no need for dependency on imported oil, only on uncle Sammys big brother we drill in your back yard oil company. The solution to poor poverty ridden BIG GOV!!!!!!!!! Wake UP WE THE PEOPLE...HELLOOOOOOOOO....
justinoles Champion Author Orlando Posts:2,329 Points:704,055 Joined:Jul 2009	Message Posted: May 6, 2012 6:48:46 PM Ignore justinoles Report Abuse It may happen...
RobertSpratt Champion Author Virginia Beach Posts:4,820 Points:1,042,840 Joined:Jul 2007	Message Posted: May 6, 2012 6:48:00 PM Ignore RobertSpratt Report Abuse Voting Osama Obama out of office will help
us4usa Champion Author Missouri Posts:5,976 Points:1,109,385 Joined:May 2008	Message Posted: May 6, 2012 6:46:35 PM Ignore us4usa Report Abuse Oil and gas will be around for a long time...
puinsai808 Champion Author Honolulu Posts:3,529 Points:724,380 Joined:May 2011	Message Posted: May 6, 2012 6:45:13 PM Ignore puinsai808 Report Abuse okay
h2ojumper Champion Author Austin Posts:2,544 Points:704,710 Joined:Feb 2011	Message Posted: May 6, 2012 6:44:04 PM Ignore h2ojumper Report Abuse ok
sparky808 Champion Author Honolulu Posts:2,986 Points:595,785 Joined:Sep 2011	Message Posted: May 6, 2012 6:36:12 PM Ignore sparky808 Report Abuse Thank you for posting.
SammyAdams Champion Author Tallahassee Posts:3,042 Points:789,880 Joined:Nov 2010	Message Posted: May 6, 2012 6:35:23 PM Ignore SammyAdams Report Abuse To: DebbiePeach Re: Message Posted: May 6, 2012 4:32:57 PM (Printed below) "How many times do people have to be told. This administration DOES NOT WANT anybody top have any recovery no matter what. They are more intent on destroying this country and making you dependant on them." AND To: OilBGone Re: Message Posted: May 6, 2012 4:38:35 PM (Printed below) "That is an absolutely brilliant analysis, Peach (NOT)." AND To: cmsense Re: Message Posted: May 6, 2012 4:55:28 PM (Printed below) "DEBBIEPEACH- You may wish to loosen the chin strap on the tin foil hat, or just move out of the sun!! LOL!!!" ==================================================================== I think that DebbiePeach has a very healthy and astute analysis of human nature in general and BO in particular. One doesn't need to rewind the history of world events too far in order to realize how depraved mankind truly is. When you consider that Stalin (Who murdered 13 Million by starvation), Pol Pot (Who murdered 2 Million of HIS countrymen), and Chairman Mao (Who murdered 64 Million of his people) you get a very grim picture about the goodness on mankind. Is BO and this administration intent on destroying this country? It's impossible to look inside a man's heart to view his motivations and intent, but I think that I could make a fairly good case for a strong appearance for just that very thing by those who he is aiding and those who are supporting him. Consistency is NOT a mark of stupidity or luck, but rather BRILLIANCE. But I wouldn't want to start shoving all the blame on him or just Democrats. There is plenty of blame to spread around with Bush, McCain, and the neoconservatives who have had their part in giving us close to 100 Trillion dollars in debt and unfunded mandates. But this didn't happen overnight and it will not be solved as long as we continue to elect the same people over and over again. Albert Einstein was attributed with saying: "It is the height of insanity to do the same things over and over again and expect different results" But rather than resort to ad hominem attacks on DebbiePeach, lets have some constructive dialog. It might interest you to know that unless you are a member of the Establishment, you will be one of their victims. They are NOT taking applications for membership and your serving their interests will not avail much for you.
silverfoxv65 Champion Author Michigan Posts:4,465 Points:1,227,125 Joined:Sep 2009	Message Posted: May 6, 2012 6:29:35 PM Ignore silverfoxv65 Report Abuse Dont worry the speculators will screw it up again and again!
greshams Champion Author Cincinnati Posts:1,998 Points:372,855 Joined:Nov 2011	Message Posted: May 6, 2012 6:28:20 PM Ignore greshams Report Abuse EPA needs to back off
prcoqui Champion Author Maryland Posts:3,940 Points:1,671,250 Joined:Dec 2006	Message Posted: May 6, 2012 6:27:49 PM Ignore prcoqui Report Abuse BS. More oil to export.
craigrm Champion Author Connecticut Posts:1,735 Points:576,755 Joined:Mar 2008	Message Posted: May 6, 2012 6:26:43 PM Ignore craigrm Report Abuse Nobama - that's the key to recovery.
hubie24 Veteran Author Michigan Posts:315 Points:204,080 Joined:Jul 2010	Message Posted: May 6, 2012 6:25:37 PM Ignore hubie24 Report Abuse but oil companies lie and say we are on limited supply to ruin our economy for their riches.
Yankee829 Champion Author Dallas Posts:2,191 Points:556,565 Joined:Sep 2010	Message Posted: May 6, 2012 6:20:25 PM Ignore Yankee829 Report Abuse Ok
36IHBinder Champion Author Illinois Posts:2,943 Points:640,165 Joined:Jun 2011	Message Posted: May 6, 2012 6:20:13 PM Ignore 36IHBinder Report Abuse I didn't loose any sleep of the oil/gas industry short on profits.
EMoe57 Champion Author Jacksonville Posts:4,602 Points:1,013,115 Joined:Apr 2009	Message Posted: May 6, 2012 6:17:26 PM Ignore EMoe57 Report Abuse domestic is good
Minutefan Champion Author Springfield Posts:3,300 Points:1,243,605 Joined:Aug 2004	Message Posted: May 6, 2012 6:17:16 PM Ignore Minutefan Report Abuse Keep prices in line so thy don't remain a drag on economic recovery. People will spend on other things if they're not worried about how to pay for the gas in their tanks.
shea33 Champion Author Pensacola Posts:2,353 Points:540,015 Joined:Oct 2011	Message Posted: May 6, 2012 6:16:37 PM Ignore shea33 Report Abuse he's a smart one.
300kmiles All-Star Author Orange County Posts:527 Points:415,580 Joined:Dec 2009	Message Posted: May 6, 2012 6:16:25 PM Ignore 300kmiles Report Abuse ...too many opposing environmentalists for Washington to deal with....
mackconsult Champion Author Portland Posts:5,304 Points:864,030 Joined:Jan 2009	Message Posted: May 6, 2012 6:15:17 PM Ignore mackconsult Report Abuse Then make it happen
HailstormCA Champion Author San Diego Posts:7,840 Points:1,469,095 Joined:Nov 2008	Message Posted: May 6, 2012 6:14:27 PM Ignore HailstormCA Report Abuse Where was I yesterday?