Despite the current downturn, Texas Railroad Commissioner Christi Craddick is still bullish on oil and gas in Texas saying recently, "We ain't seen nothing yet!"
Related: Shale Oil Down But Not Out
In a recent interview at the 2015 Texas Tribune Festival, Commissioner Craddick shared her prospective on a variety of issues that her agency faces including well inspections, earthquakes, flaring, local control and more. Craddick was very optimistic about the future of the oil and gas industry in Texas.
“I think we haven’t seen anything yet. The potential for this state is huge and we know where the resources are. Are we in a downturn? Yes, and that’s not unusual for this industry. But I think there are still dollars to be made. In the long term, this state is well positioned to develop oil and gas”
Craddick warned that the biggest risk to the Texas energy industry is the aggressive overreach of the federal government. She suggested that the Obama administration is making a focused effort to kill carbon fuels causing government agencies to make rules that do not make economic sense and are often based on shaky science. She is most concerned with increased legislation surrounding:
1) Air emissions: The goals to reduce emissions by 40% potential emissions is totally focused on the oil industry without taking into account many other contributing factors.
2) Fracking rules: The EPA is continuing a push for tighter regulations on federal lands, which cause undue slowdowns amd expense.
3) Endangered species: Regulations protecting endangered species often involve an encroachment on private property rights.
You can access the full interview below.
https://soundcloud.com/texas-tribune-festival/ttf15-christi-craddick