As the Texas oil and natural gas industry slowly recovers from a historic decline in global demand brought on by COVID-19 and other market factors, policy leaders must think longterm when considering measures that could impact the future of domestic production and its unmatched contributions from an economic and geopolitical perspective. While challenges remain, no one should understate the resilience of this industry and its importance to our country for generations to come.
We know this election cycle could have a lasting effect on producers, mineral owners and our economy as a whole. Given the tremendous impact of the energy industry, it is incumbent upon all Texans to help educate policymakers about the importance of this sector, as well as its success in advancing environmental stewardship throughout the oil and gas value chain, a common issue raised though often misrepresented.
To lead this discussion, a great place to start is a new report released by the U.S. Department of Energy's Office of Fossil Energy that reinforces the benefits provided from domestic development of oil and natural gas.
In the department's report, published earlier this month, oil and gas were found to account for two-thirds of the total energy consumed in the U.S. last year and its continued development remains essential to meeting America's energy needs. It is integral to our country's standard of living, and our economy is also fundamentally dependent on energy at every level. Put clearly, all Americans directly benefit from domestic production.
The report also addressed new technologies and innovative advancements that are helping to further minimize the industry's environmental footprint, while at the same time supporting an increase in production.
Recent polling indicates that Americans understand the essential role of oil and natural gas in our economy. Two-thirds of those polled in a recent Morning Consult survey said they are more likely to support candidates who favor access to U.S.-produced oil and natural gas. Further, 93 percent of respondents said it’s important for the U.S. to produce enough energy to eliminate dependence on other countries, with 73 percent expecting oil and natural gas to still meet a significant part of our energy needs in 2040. With a majority of Democrats, Independents and Republicans in agreement, voters understand the need for American energy security and will make this a ballot box priority.
Looking beyond the elections, the 87th Texas Legislative Session is also quickly approaching. The structure and timeline for next session, which will begin in January, remains uncertain due to ongoing issues related to COVID-19. The Texas legislature is only constitutionally obligated to pass a budget, and both chambers will need to determine what legislative proposals are deemed essential for consideration next year.
Some key areas of focus facing potential deliberation by legislators next year include proposals related to long-term transportation and infrastructure funding, water use and recycling, ad valorem and severance taxes, eminent domain reform and adequate funding for government agencies such as the Texas Railroad Commission and Texas Commission on Environmental Quality. These are just a few of the oil and natural gas issues from hundreds of industry-related bills under review during a typical Texas legislative session.
The outcome of the elections, COVID-19 and economic conditions will impact what legislative proposals are ultimately deemed worthy for consideration next year. Texas citizens that value the positive contributions of oil and natural gas should join in efforts to inform and educate stakeholders and elected officials and help promote sound, science-based energy policies to maintain an environment that is conducive to economic growth and opportunity in our state.
Ed Longanecker is president of the Texas Independent Producers and Royalty Owners Association
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October 26, 2020 at 12:00PM
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