By T. Boone Pickens and Ted Turner
Our natural gas reserves contain more energy than Saudi Arabias oil.
Renewable energy and clean-burning natural gas are the basis of a new strategy the world needs to create a cleaner and more secure future. And the global transformation to a clean-energy economy may be the greatest economic opportunity of the 21st century. According to the authoritative Potential Gas Committee (administered by the Colorado School of Mines) the U.S. sits on top of massive reservoirs of natural gasan estimated 2000 trillion cubic feetthat contain more energy than all the oil in Saudi Arabia.
Harnessing this large supplyplus developing wind solar and biofuel energy sourcesis essential to achieve three strategic national priorities:
• Energy security: The internal combustion engine makes us dependent on oil thats concentrated in a handful of countries in some of the worlds most volatile regions. In June we imported 374 million barrels of oil nearly two-thirds of what we used at a cost of $24.7 billion. With 70 of imported oil going into cars and trucks our transportation system is perilously at risk to shaky oil markets and even shakier regimes.
• Economic security: Last year more than $155 billion was invested in clean energy technologies such as wind and solar and China and India plan to invest hundreds of billions in renewable energy sources. The annual market for clean energy may escalate in the next decade to between $1 trillion and $2 trillion. The race is on.
• Climate security: Likewise the clock is ticking on potentially devastating climate changes. We already are witnessing the disintegration of polar ice melting glaciers rising sea levels and altered weather patterns. But if we act now we can prevent catastrophic human and economic impacts.
Long-term economic and environmental interests compel us to put a priority on energy independence and a price on carbon pollution. Natural gas and renewable energy are obvious sources for cheap clean and reliable electric power and transportation fuels.
In the electricity sector natural gas is already cheap available and ready to meet the nations power needs while improving climate security. It emits about half the carbon dioxide per British thermal unit of energy and far fewer of the heavy metals than does coal.
Adopting a cash-for-clunkers program in the utility sector can save money and reduce emissions right away by retiring the oldest least efficient and most polluting power plants in exchange for modern gas-powered plants. New coal plants should be required to combine natural gas with the coal they burn resulting in cleaner emissions and every power plant should meet strict carbon-emissions standards.
We should also adopt a strong national standard requiring that electrical generation include a growing percentage of renewable fuels to help bring down costs over time and ensure Americas place in the burgeoning global competition for innovative renewable and efficiency technologies. Numerous state initiatives have already demonstrated the feasibility of these standards on a smaller scale.
In the transportation sector renewable energy and natural gas can also be deployed immediately. For a quarter century natural-gas vehicle technology has been available but stymied by lack of leadership. Of the 10 million natural gas vehicles in the world fewer than 150000 are in the U.S.
We can begin transitioning the nations fleet of 6.5 million 18-wheelers that run regular routes. It would take just 20 refueling stations along a single highway to get trucks from one coast to the other. Centrally fueled urban business and government fleets also can quickly move to natural gas. The Ports of Los Angeles and Long Beach are in the process of buying new natural gas vehicles for their fleets and many municipalities are harnessing the economic and environmental benefits of natural gas-powered buses.
Renewable biofuels should also be part of a new energy strategy. Advanced biofuels produced from cellulosic material such as forest residues municipal waste or even algae can play a key role in reducing the vulnerabilities emissions and costs associated with imported oil while also providing new economic opportunities for Americas farm communities.
The economic environmental and national security imperatives of Americas energy posture are clear as is the proven potential of domestic natural resources like gas wind and solar power. Coupled with energy efficiency these resources have the potential to help jump-start the economy drive prosperity and reduce emissions well into the 21st century. The keys are in our hands. All we have to do is unlock the door and start the engine.
Mr. Pickens is CEO of BP Capital. Mr. Turner is Chairman of Turner Enterprises
Inc.
