The U.S. has experienced a boom in crude production in places like North Dakota, and pipelines that once took crude from the Gulf of Mexico up to the Midcontinent have now been reversed to bring Bakken crude oil south, leading to questions about whether the SPR can effectively and efficiently deliver oil to where it's needed most in a crisis.
Earlier, in the Forum's first panel, a top European utility executive said he does not see shale gas being a game-changer on the continent the way it has been in the U.S.
Leonhard Birnbaum, chief commercial officer of Germany-based E.ON said Europe lacks the regulatory environment and infrastructure to significantly tap into its shale gas resources.
"We do not have ownership of underground commodities," he said during a panel discussion about the future of power generation. "If I'm a farmer in Germany, what's my upside if someone drills on my land?"In addition, he said, Europe does not have the robust oil services industry and pipeline systems that the U.S. has. Environmental opposition to fracking is high in Europe, and even in Poland, where resistance is relatively low, exploration has disappointed, he said. "It's hard to imagine it's going to take off fast," Birnbaum said. "For the next 10 years, it's not a game-changer. The advantage of the U.S. on the gas side and the power side is quite sustainable." This year's Platts Global Energy Outlook Forum was held at the famed Waldorf-Astoria Hotel, the New York landmark that has hosted athletes, celebrities and world dignitaries. The venue was perfectly suited to host the Forum and the Platts Global Energy Awards, which were scheduled to take place later Thursday evening. Fortune, a global leader in business journalism and owned by Time, Inc., a division of the Time Warner company, was sponsor of the Forum lunch for a second year. Co-sponsors of the Forum were Mercer, a global human resource consulting leader and subsidiary of Marsh & McLennan Companies; Breitling Oil and Gas, a large U.S.-based independent oil and natural gas company; Nixon Peabody LLP, a Global 100 law firm with more than 600 attorneys; and Repsol, an integrated global energy company. Following the Platts Global Energy Outlook Forum, some 500 energy executives and other guests are expected to attend the annual black-tie dinner gala for the unveiling of the Platts Global Energy Awards. The Awards program, now in its 15 th year, recognizes exemplary performance in 18 awards categories for vision and leadership, commodity excellence, leading technologies, premier projects and stewardship. In a ceremony prior to Moniz' remarks, John Kingston, Platts global editorial director of news, handed the first of the night's awards to finalists in the Corporate Social Responsibility category of the Global Energy Awards, which will be unveiled later tonight. Winners of the "Awards of Excellence" were: Manila Electric Company, IBM, Constellation, an Exelon Company and First Solar, Inc. About Platts: Founded in 1909, Platts is a leading global provider of energy, petrochemicals, metals and agriculture information and a premier source of benchmark prices for the physical and futures markets. Platts' news, pricing, analytics, commentary and conferences help customers make better-informed trading and business decisions and help the markets operate with greater transparency and efficiency. Customers in more than 150 countries benefit from Platts' coverage of the biofuels, carbon emissions, coal, electricity, oil, natural gas, metals, nuclear power, petrochemical, shipping and sugar markets. A division of McGraw Hill Financial (NYSE: MHFI), Platts is headquartered in New York with approximately 900 employees in more than 15 offices worldwide. Additional information is available at http://www.platts.com . About McGraw Hill Financial: McGraw Hill Financial (NYSE: MHFI), a financial intelligence company, is a leader in credit ratings, benchmarks and analytics for the global capital and commodity markets. Iconic brands include: Standard & Poor's Ratings Services, S&P Capital IQ, S&P Dow Jones Indices, Platts, CRISIL, J.D. Power & Associates, and McGraw Hill Construction. The Company has approximately 17,000 employees in 27 countries. Additional information is available at www.mhfi.com. SOURCE Platts