This Day On The Street
Continue to site
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

Energy Development On Public Lands Is Robust: U.S. Interior Deputy Secretary At Platts Energy Podium

WASHINGTON, June 27, 2013 /PRNewswire/ -- Energy development of federal lands and waters is robust and opportunities abound for oil and gas production as well as renewable energy projects, outgoing U.S. Department of the Interior Deputy Secretary David J. Hayes said at a Platts Energy Podium newsmaker event in Washington.

Hayes, who is leaving his post to teach at Stanford Law School in the fall, defended his department's efforts despite criticism from some in Congress that the Obama administration isn't moving fast enough to make more public lands available for energy development.

"It is incredibly frustrating how politicized this issue has become," Hayes said. "On the oil side, onshore, we've gone up by 35% in terms of oil being produced on our public lands."

Offshore, Hayes said that production in the Gulf of Mexico has recovered from the delays in the wake of the 2010 Deepwater Horizon explosion and oil spill and the subsequent increased federal safety standards. The number of rigs in the Gulf now exceeds pre-Macondo levels and companies are making major discoveries, he said.

"Today, the Gulf of Mexico is back," Hayes said.

Hayes acknowledged that onshore natural gas production on public lands has decreased in recent years. The change is due to companies seeking major gas plays in shale formations, most of which are on private and state lands. Declining natural gas prices also have contributed to the decrease, Hayes said.

On the renewables side, Hayes said the Interior Department since 2009 has approved 25 utility-scale solar facilities, nine major wind farms and 11 geothermal plants – more than 13,000 megawatts of renewable energy power approval.

"We have done proof of concept that in this country we can have utility-scale renewable energy providing a major energy source to major population centers," Hayes said.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs