This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Western States Look To Capitalize On Energy Boom

By SUSAN MONTOYA BRYAN

ALBUQUERQUE, N.M. (AP) â¿¿ Petroleum producers in southeastern New Mexico are on track to pump out 80 million barrels of oil this year â¿¿ numbers that haven't been seen since the 1970s.

In Texas and North Dakota, the oilfields are booming. Companies are exploring possible shale plays in more pockets around the West, and there are no signs that Wyoming stands to lose its position as the nation's top coal producer.

Federal projections released this week by the U.S. Energy Information Administration suggest the next three decades will see similar flurries of domestic energy development as technology improves and pressures mount to reduce America's reliance on Mideast oil, and the West will be a player.

The "energy breadbasket" of the nation is how Utah Gov. Gary Herbert describes it.

With its large swaths of public land and enormous caches of oil, natural gas and solar, wind and geothermal resources, Herbert, chairman of the Western Governors Association, said there's no reason the region shouldn't be a model for how to balance domestic energy production.

"The time for half-measures is past," he said in a statement. "We need an energy policy big enough to satisfy the world's growing appetite for energy."

He's behind an effort to develop a 10-year energy plan for the 19 states that belong to the association. Governors from many of the states kicked off discussions during a meeting last weekend in Arizona.

The governors are expected to have a draft of the plan ready by next summer, said Rich Halvey, a program director with the WGA.

"I think for the most part, there's a sense that we should be moving as much as we can toward North American energy security," he said.

According to the Energy Information Administration's latest projections, energy production in the U.S. will outpace energy consumption by 2040. The reasons include higher energy prices, better technology for tapping oil and gas reserves, more efficient vehicles and electronic gadgets, and state and federal standards.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs