Diverse resources and stable energy policies will get Texas economy back on track
As a boy, I rattled around West Texas in a pickup with my favorite roughneck, my Uncle Rex, a sun-weathered, charismatic storyteller who operated heavy equipment in the Permian oil patch. He was proud of his role in growing this state and he loved to tell colorful stories about the industry that brought so much wealth to the region.
I now share a similar pride, driving my family around Texas, pointing to the new wind and solar farms, explaining their technology, their history, and the daring, risk-taking investors and innovators who now harness the wind and sun to provide more than 20 percent of our state’s electricity from renewable energy sources.
Our oil and gas industry serves us well, and it will for years to come. Texas is also adapting and diversifying, adding emissions reduction technologies to make traditional fuels more sustainable, while growing renewable energy to bring additional economic opportunities to rural communities and zero-emission affordable power to consumers and industry. In this time of economic and societal strain, the energy sector looks to our state government for a stable and reliable business environment, one in which capital investments can be made to drive our economic recovery.
This year, Texans experienced a double threat that shook the energy industry to its core. The coronavirus pandemic and the Russians and the Saudis flooding markets with cheap oil have shown us again the exposure of our traditional energy resources to global geopolitical and economic disruption. Rural communities that rely on oil and gas jobs have been hurt and are just beginning to recover.
These events are a focused reminder that we’re just a Saudi spigot turn or another pandemic away from more disruption and pain, especially in rural Texas.
For vulnerable communities relying solely on the oil and gas economy, adding the diversification of renewables as an economic hedge brings a welcome and needed layer of protection and independence. The combination of traditional and new energy businesses can provide communities with greater economic resilience, while supplying affordable electricity to Texans, including oil and gas producers.
That affordable power helps Texas oil and gas production remain the most competitive in the nation. And, workers benefit as the complementary skills sets help ensure access to job opportunities in both industries.
With our diverse energy resources and Texas’ entrepreneurial and innovative culture, the state’s future as a world leader in energy production is sound. To ensure success, state leaders should work to provide a predictable business climate for all energy producers and sound policies that encourage investment and facilitate growth.
To rebuild our economy, we should guarantee rural communities have access to the economic development tools they need to grow and diversify their economies. The success of every part of our energy economy depends on keeping Texas open for business and attractive for energy investments.