Richard Welch, former political candidate for US House and current lobbyist for the oil, gas, coal and carbon industries talks about many of the changes happening and that have happened within the oil, gas and coal industries.
Specifically, the oil and gas industry has experienced significant transformations over the past five years, driven by technological advancements, geopolitical shifts, and evolving market dynamics.
Here’s a quick look at some of the changes discussed in the interview:
- Government Subsidies: The oil and gas industry continues to benefit from substantial government subsidies aimed at encouraging domestic energy production. In 2022, global fossil fuel subsidies reached $7 trillion, reflecting a significant increase from previous years due to heightened government support. Many oil and gas companies have taken the subsidies and changed their day-to-day focus while still marketing their past endeavors and political beliefs.
- Carbon Market Impacts: Carbon markets have gained traction as an effective tool to mitigate greenhouse gas emissions. By creating economic incentives for reducing emissions, carbon markets help manage environmental impact and usher in new leadership and values within the industry.
- Public-Private Partnerships: The rise of public-private partnerships has been pivotal in advancing energy projects and infrastructure. These collaborations combine resources and expertise from both sectors, enhancing innovation and efficiency in energy production and distribution. How this has impacted the free market is discussed in detail.
- Industry Veteran Retirements: The Great Crew Shift has brought in new personnel, new values and a new green core for many companies. The industry has seen a wave of retirements from seasoned veterans. This generational shift has prompted a need for different talent and “environmental innovation”, driving changes in company cultures and operational strategies.
- Rebranding to Energy and Carbon Management: Oil companies are increasingly rebranding themselves to focus on broader energy solutions and carbon management. This shift reflects a strategic move to align with global sustainability goals and address growing environmental concerns. The emphasis is now on being energy providers rather than just oil and gas companies, showcasing a commitment to a greener image and reinforcing a more liberal energy narrative.
These changes illustrate the industry’s adaptive strategies in response to global energy demands and environmental challenges, positioning itself for a more sustainable future.
You know, back in the 80s and 90s, the government was merely just they were overwatched, that’s all they did. They made sure that there was compliance and that was it,”” Welch said. “You look at what happened with Obama when he started trying to mandate the 10% ethanol, that was the end of the free market when the government started dictating exactly what oil and gas companies had to sell in their product.”
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Kansas Strong
The Kansas Oil & Gas Resources Fund (KOGRF) is a nonprofit organization voluntarily funded by oil and natural gas producers in Kansas. The KOGRF is branded as KANSAS STRONG and works to educate and inform people about the important role our industry plays in their lives. The Kansas oil and natural gas industry provides the energy and security our nation needs. At the same time our industry fuels the economy, we help fund Kansas schools, build bridges and roads, and provide tens of thousands of jobs across the state. As the second-largest industry in Kansas, we are proud to provide the energy so vital to our way of life, while we reduce dependence on foreign resources.
KANSAS STRONG is proud to represent the oil and natural gas producers of Kansas, and the energy solutions they provide for our country.
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