Last week Mike Sommers, president and CEO of the American Petroleum Institute (API), sat down with fellow NC Chamber Cornerstone members to discuss energy policy. Joined by Senator Paul Newton and Representative Dean Arp, the group touched on the successes achieved in House Bill 951, as well as the challenges currently facing our nation and economy as it relates to energy.
Diversified energy is a key component of North Carolina’s status as the #1 state to do business, and as North Carolina continues to experience exponential growth, it is more important than ever before that our state has a comprehensive, environmentally responsible energy strategy to power the future.
Key Themes from The Discussion:
We are experiencing the worst energy crisis since the 1970’s
- The Strategic Petroleum Reserve is at its lowest level since 1984. At present, the SPR has less than 450 million barrels of oil in reserve. For reference, the world uses roughly 100 million barrels of oil per day, and 20 million barrels are used each day in the United States, meaning the SPR has roughly 20 days of U.S. demand and four days of world demand.
We need to power the future
- As energy demand continues to rise, Sommers highlighted the importance of embracing more renewable energy but noted that nearly 50% of demand will still need to be met by oil and gas. Tapping into domestic energy resources is critical to meeting these needs and to creating a cleaner energy future.
- The NC Chamber and API advocate for an “all-of-the-above” energy strategy that supports grid modernization and improves access to natural gas, nuclear, biomass, geothermal, renewables, solar, and wind power.
- Increase access to both onshore and offshore energy reserves and issue permitting reform to increase domestic pipeline access.
- Lift restrictions and regulatory barriers that delay or stop access to domestic energy. This is widely supported by the National Association of Manufacturers (NAM), as well.
API’s 10-point plan outlines the key policies and initiatives they propose to confront the current energy crisis.