Chairman David Porter Leads Discussion about Current State of Oil and Gas Industry-Conversation Focuses on Challenges and Opportunities in Light of Low Oil Prices
HOUSTON – Railroad Commission Chairman David Porter spoke today at the 2015 Houston Energy Breakfast about the state of oil and gas production in Texas, and recent challenges for the energy industry – caused by low oil prices and federal overregulation – before an audience of senior energy executives and board members from all sectors of the oil and gas industry, as well as investors, academia and industry analysts.
Porter – who heads the state agency that regulates oil and gas exploration and production in Texas – explained that although Texas oil and gas production has remained strong in 2015, the Commission saw a dramatic reduction in permits this year because of oil prices. The Chairman maintained that intervention from federal entities like the Environmental Protection Agency (EPA) creates additional burdens for the energy industry.
“In our time, we’ve all seen that industry has its fair share of ups and downs, but during these slowdowns, federal overreach makes a difficult period for industry even worse,” Porter said. “Perhaps our greatest challenge comes from EPA regulations brought on by Obama’s war on fossil fuels.”
Porter continued that the current administration supports shortsighted, inefficient national energy policies that combat fossil fuels and favor alternative, renewable energy sources like solar, wind and biomass.
“I can think of handful of ways the federal government could help make America more energy independent, and create thousands of good paying jobs in the process – lift the federal crude export ban… speed up the LNG permitting process… work with our neighbors in Canada and Mexico on creating more energy infrastructure,” Porter said. “Texas is stronger today because of our revolutionary oil and gas shale development, and this strength could extend to other states if the federal government stopped intervening in industry business practices.”
Joining Porter in the discussion were Greg C. Garland, Chairman & CEO of Phillips 66, and R.T. Dukes, Research Director from Wood Mackenzie. The Houston Energy Breakfast is held quarterly and focuses on the latest insights, development and perspectives on the current state of the global energy industry.
Texas Railroad Commission Chairman David Porter was elected statewide by the people of Texas to serve as a member of the Commission in November 2010. A Certified Public Accountant and successful small business owner, Chairman Porter has worked with oil and gas producers for nearly three decades providing strategic financial advice and tax counsel. He is the senior member of the Commission with a proven record of principle-driven, free market conservative leadership.