Lay Predicts 'Bright Future' for U.S. Natural Gas Industry

THE JOURNAL RECORD, February 17, 1988 | Go to article overview
Save to active project

Lay Predicts 'Bright Future' for U.S. Natural Gas Industry


Natural gas will be the cornerstone of strong growth in the U.S. energy indistry over the next five years, according to Kenneth L. Lay, chairman and chief executive officer of Enron Corp. of Houston.

A bright future for the natural gas industry was predicted by Lay, who was speaking before the Economic Club of Oklahoma in Oklahoma City.

"The rapid growth in oil imports has significant national security implications, and the oil import costs have become very troublesome," he said. "Petroleum imports have risen from 32 percent in 1983 to approximately 40 percent in 1987.

"Further," Lay said, "imports are expected to reach a level of approximately 50 percent as early as 1990 and grow to 65 to 75 percent by the end of the 1990s. The oil import bill is estimated at $50 billion in 1987, up from $37 billion in 1986. The price we pay for imported oil represents about 11 percent of all U.S. imports, and that level is growing rapidly as price and volumes increase."

The growing dependency on oil imports and recent changes in natural gas regulation suggest a bright future for the natural gas industry, he said.

"Oklahoma will be inextricably tied to that future since natural gas and gas liquids comprise about 80 percent of the state's reserves," he said. "With the deregulation of natural gas, the removal of restrictions prohibiting the burning of natural gas and the movement to open access on the nation's pipeline systems, most of the regulatory barriers of the past will soon be history."

There are potential incremental markets to dramatically increase natural gas demand, Lay said, and there are sufficient resources to satisfy that demand.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Lay Predicts 'Bright Future' for U.S. Natural Gas Industry
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?