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TIPRO Chairman Testifies Before Congressional Subcommittee
Hearing Examines Domestic Oil and Gas Development
By: PR Newswire
Dec. 3, 2012 10:10 AM
AUSTIN, Texas, Dec. 3, 2012 /PRNewswire/ -- Addressing the need for ongoing development of unconventional oil and natural gas resources in America, David Martineau, chairman of the Texas Independent Producers & Royalty Owners Association (TIPRO), testified before members of the U.S. House Science, Space, and Technology Subcommittee on Energy and the Environment on Friday, November 30, 2012.
"In the past, federal dollars have been spent on research to improve methods of oil and natural gas extraction. Much of the resulting data and techniques, combined with the forward thinking of some brilliant and creative private sector minds, have supported some of the biggest energy successes in the country's history," explained Martineau. "Recognizing the importance of oil and natural gas, and investing federal money in its development, should not be a thing of the past. Never in history has it been more crucial to continue improving our ability to recover domestic oil and natural gas. Domestic energy independence can be achieved, and federal research money can play a part."
In the state of Texas, the use of advancing technologies has enabled operators to dramatically boost production of natural resources from shale formations. Since the Shale Revolution started in 2006, there has been an increase in annual production of oil from 347 million barrels of oil (bbls) to 431 million bbls in Texas. Similarly, the production of natural gas in Texas has risen from 6.3 trillion cubic feet (tcf) in 2006 to 7.7 tcf.
"This increase in production of oil and gas has in turn provided remarkable economic support, from notable job creation to increased revenue for local, state and federal government," said Ed Longanecker, president of TIPRO.
More than 353,000 Texans are currently employed by the oil and natural gas industry, who earn an average salary of $120,000. Additionally, in fiscal year 2011, the oil and natural gas industry paid over $9.3 billion in state and local taxes and royalties in Texas. Increasing production has also contributed to the dramatic decline in imports of oil from foreign nations, dropping from 70 percent to 45 percent over the last five years.
Last week, U. S. Representative Ralph Hall (R-TX), chairman of the Science, Space, and Technology Committee, introduced legislation to direct the Department of Energy (DOE) to undertake additional research to enable the safe production of America's vast unconventional oil and gas resources. H.R. 6603, the Tapping America's Energy Potential through Research and Development Act of 2012, would increase energy security and affordability by encouraging the prudent development of domestic energy resources.
"TIPRO commends Representative Hall for his continued efforts to support safe, effective and innovative methods of domestic oil and gas production," added Longanecker. "By continuing to invest in the research and development of innovative technologies, the industry will be in a better position to enhance the efficiency of unconventional drilling in shale formations, helping ensure a bright future for America."
To review TIPRO's testimony, visit: www.tipro.org.
The Texas Independent Producers & Royalty Owners Association (TIPRO) is a trade association representing the interests of over 2,500 independent oil and natural gas producers and royalty owners throughout Texas. As one of the nation's largest statewide associations representing both independent producers and royalty owners, members include small businesses, the largest, publicly-traded independent producers, and mineral owners, estates, and trusts. Members are responsible for producing more than 85 percent of the natural gas and 70 percent of the oil within Texas, and own mineral interests in millions of acres across the state.
Contact: Kelli Way at (512) 477-4452 or email@example.com
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