The energy renaissance underway in Texas and across the country is changing world politics, said Don Evans, former Secretary of Commerce to President George W. Bush and chairman of EFH’s board of directors.
When Russian held one-third of the world’s energy reserves just a few years ago, oil and gas was leveraged as a weapon, Evans told a group of EFH employees and political action committee members gathered at the Bush Institute in Dallas. Now, new technologies like hydraulic fracturing have freed a wealth of reserves that position the U.S. as a dominant oil and gas producer.
“This country is on top of something that’s changing the world,” he said. “It’s mind-boggling what’s happening here. It’s a good thing. We’re going to enjoy more robust economic growth long-term. It means more power.”
While unlocking those reserves caused gas prices to fall, severely impacting companies like EFH, Evans believes the “short-term hit” is just that – short-term. Long-term, it’s good for the state, the country and geopolitics, he said, putting Americans to work in skilled jobs and opening up new power-generation opportunities.
PAC members also heard from Charity Wallace, director of the Women’s Initiative at the Bush Institute and senior advisor to Mrs. Laura Bush, about efforts to improve the lives of women and girls around the world with education and economic opportunity.