Chamber Calls for Action to Spur New Natural Gas Development

WASHINGTON, D.C. – The United States Chamber of Commerce warned of a growing natural gas crisis and called on key policy makers to ensure stability in the market by increasing sources and supplies of natural gas.

"Because we are at the limits of current domestic natural gas production, the market has been dangerously volatile and could have a far reaching impact on our economy," said William Kovacs, Chamber vice president of environment, technology and regulatory affairs. "We must find practical and expedient ways to increase our natural gas supplies so we can meet our future energy demands without a putting a severe burden on businesses and consumers."

Seventy-five percent of the United States' long-term gas needs will be satisfied by traditional North American gas producing areas, but additional supplies are needed to satisfy projected demand growth, according to the Chamber.

The Chamber's National Chamber Foundation conference, "A Critical Look at Natural Gas," explored the impact of high natural gas prices and supply instability on the American economy. The event comes on the heels of the National Petroleum Council's report that cautioned the disparity between increasing demand for natural gas and a rapidly dwindling supply would lead to continued price spikes. Greater access to U.S. resources could save consumers $300 billion in natural gas costs over the next 20 years, according to the NPC report.

"We cannot rely on conservation alone to ensure our future economic prosperity," continued Kovacs. "Our jobs and our quality of life depend on new and reliable energy sources that reduce our dependency on foreign fuel."

The U.S. Chamber has been a leading advocate of comprehensive national energy legislation that will help the United States meet its future energy demands to sustain economic growth.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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