Daily News: February 1, 2012

CIT: U.S. Energy Execs Bullish on 2012 Outlook


Executives at U.S. middle-market energy companies are bullish on their outlook for 2012. This optimism among executives is fueling growth, as 85% expect to seek financing this year, according to Mike Lorusso, group head of CIT Energy. These are some of the findings detailed in CIT’s latest research study, “2012 U.S. Energy Sector Outlook.”

With many companies looking to expand or refinance in 2012, the outlook for new job growth in the energy sector is positive, said Lorusso. “Such spending should create significantly more jobs in 2012 throughout the U.S., especially in the Northeast and Great Plains regions, which are seeing high levels of industry investment.”

The recent boom in domestic natural gas resources in the U.S. has eliminated the need to import natural gas, according to Lorusso. “Such new discoveries, along with existing oil deposits, have executives heartened about the industry. More than half of respondents characterize these discoveries as a ‘crucial addition’ to the U.S. energy mix, and 46% cite natural gas as the most crucial fuel for expanding the nation’s electric generation capacity in the next decade.”

To download the complete report click here.

Previously on abfjournal.com:

CIT: Energy Independence Achievable within 15 Years Say Execs, Wednesday, January 25, 2012