RFF: Security Goals Should Reflect Changed Outlook for US Oil, Gas

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Dec. 1, 2017

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Oil & Gas Journal

"US security goals based on crude oil import disruptions in the 1970s and ‘80s need to be reconfigured to reflect the country’s improved oil and gas outlook resulting from the burst of unconventional exploration and development since 2005, speakers said during a Nov. 30 discussion at Resources for the Future. 'The domestic oil and gas supply sector is more responsive to prices now, raising the notion that the US could become the global swing producer and the Strategic Petroleum Reserve has less security value now,” said RFF Pres. Richard G. Newell. “Almost all price reactions lie in the drilling decision early in the unconventional exploration and development process. While a higher price can speed the process up for unconventional properties, the market cares more about barrels produced than production rates.'"

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