The Institute for 21st Century Energy and the U.S. Chamber of Commerce's Foundation hosted a conversation with Ryan Lance, chairman and chief executive officer, ConocoPhillips.
Mr. Lance discussed how the oil and natural gas renaissance has brightened the U.S. energy outlook through increased production, reduced imports, and promoted job creation, improved balance of trade and economic stimulation. However, growing "light" oil volumes from shale will soon exceed domestic refining capacity and thus slow future development, impacting the economy. Mr. Lance suggests that rescinding the current ban on crude oil exports can keep the renaissance moving forward. Christopher Guith, Energy Institute Senior Vice President for Policy, discusses how the boom in domestic natural gal and oil production is good for Colorado and the U.S.