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Tariq Siddiqui's picture
COO Upstream EP Advisors LLC

Oil & Energy | Business Development | Capital Projects | Offshore Wind - Proven leader in offshore development and operations, with 25+ years’ expertise in managing business through cycles of...

  • Member since 2021
  • 89 items added with 42,192 views
  • Jul 26, 2021 10:40 am GMT
  • 369 views

The United States shale sector is at a crossroads. Houston, the capital of the nation’s oil and gas industry, is at the industrial center of a struggle for the country’s unfolding post-covid energy landscape. The writing is on the wall: the renewable revolution is here to stay, and while the sun hasn’t set on oil yet, the industry will never see growth the way that it has in the past couple of decades. 

KEY INSIGHTS

  1. If Houston wants to continue to be the world’s leading energy capital, then it need to be a leader in the newer forms of energy
  2. Issue is becoming an increasingly bipartisan; pushing for the US fossil fuel sector to accept the changing global reality.
  3. The US Energy Secretary pick Jennifer Granholm essentially issued an “adapt or die” ultimatum to the oil sector.
  4. The US is really behind other countries that have been building up robust clean energy infrastructure.  Renewables have leveled the playing field, and there is now major competition from China and Europe.
  5. The country’s aging infrastructure and power grids have left the nation poorly situated for adopting cleaner energy practices, leaving the U.S. energy system vulnerable to security risks and cyberattacks. 
  6. Texas oil, however, will not go easy into that goodnight. Texas lawmakers are bracing for a fight, pulling out all of the policy stops to make decarbonization efforts as difficult in the Lone Star State.  Several lawmakers have indeed circled the wagons, supporting oil & gas; but not everyone is in agreement with this ideological petro-protectionism.

 

BOTTOMLINE

The emerging global trend indicate that economic future does not lie in oil and gas. One thing Houstonians and Texans, in general, are pretty good at is seeing a commercial opportunity for the grabbing and there are really good commercial opportunities associated with the energy transition that will keep the status of Houston as the Energy capital of the world.

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Jim Stack's picture
Jim Stack on Jul 26, 2021

Tariq, Texas has done very well with Wind power. I can't only count Houston as Texas is a big place and many projects and growth are State wide. In fact Texas has the green building leader in Austin Texas and making buildings more efficient saves as much energy as producing it. Texas also has the newest Tesla Gigafactory ready to open any day now. But ironically they will not let any automaker sell direct so the new Cyber trucks and Semi trucks will have to be delivered in neighbor states and then imported to Texas. 

   So the most important thing Texas needs is better policies. The fight they are having within the state will cost them the lead in energy. 

Quote = The US Energy Secretary pick Jennifer Granholm essentially issued an “adapt or die” ultimatum to the oil sector.

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