(David Mansdoerfer) – Yesterday, at the Nevada Energy Forum, Congressman Joe Heck and energy expert Rayola Dougher from the American Petroleum Institute gave talks highlighting the importance of energy security and increased production.
Congressman Heck talked about three things in particular; job creation, clean energy, and the proposed pipeline from Canada to Texas. On job creation, Congressman Heck mentioned several key projects, including ones that focused on solar energy and wind energy, that are slated to bring up to 4,000 long-term jobs to Nevada in the near future. Additionally, Congressman Heck also talked about the importance of clean energy and energy diversification. In this, Rep. Heck noted the importance of developing clean coal technology citing an abundance of coal in the U.S.
In wrapping up his speech, Congressman Heck noted the importance of a proposed oil pipeline between Alberta, Canada and Texas. This project, which is estimated to cost roughly $7 billion, has the potential to substantially reduce U.S. dependence on Middle Eastern oil.
Next, Rayola Dougher from the American Petroleum Institute talked on the profits, taxes and who owns ‘big oil’. For profits, Ms. Dougher noted that while oil companies show large revenues, the important number to look at is profit, which is roughly in line with the manufacturing sector in the United States.
Next, Ms. Dougher discussed the recent talk by the Obama Administration to raise taxes on the oil/gas industry. For this, Ms. Dougher mentioned that increasing taxes on the oil/gas industry would lead to a net job loss and that if oil production was expanded, jobs would increase and tax revenue for the federal government would grow.
Finally, Ms. Dougher mentioned that many in the room would be surprised at who actually owned ‘big oil’. Specifically, the people who own ‘big oil’ are those with federal, state or teacher pensions, as well as people who have IRAs and retirements accounts. In this, basically everyone who owns some sort of retirement accounts has a stake in ‘big oil’ and should care about the profits of the oil and gas industry.
All in all, the Nevada Energy Forum provided extremely helpful information about the future of the energy sector in Nevada. You can find out more information at (http://nevadaenergyforum.com/)
(Mr. Mansdoerfer is the Director of Federal Affairs for Citizen Outreach)