Daily News: January 25, 2012

CIT: Energy Independence Achievable within 15 Years Say Execs

An overwhelming majority (70%) of executives at middle-market energy companies see the potential for U.S. energy independence within 15 years, yet they expressed concern that the regulatory environment, along with trouble in the financial world and opposition to fracking, could dash that promise, according to the 2012 U.S. Energy Sector Outlook released by CIT.

The study gathered the views of more than 100 executives at middle-market energy companies to assess their views on the industry and their outlook for their companies, energy prices and trends in the coming years.

“Despite regulatory headwinds facing the industry, energy executives believe the United States can achieve energy independence within 15 years,” said Mike Lorusso, group head of CIT Energy. “Executives believe this drive toward energy independence will be accomplished through a combination of approaches, such as expanding the use of natural gas, increasing domestic production of oil, and expanding the use of renewable natural resources. The optimism in this industry is fueling growth – 85% of energy executives intend to seek financing in 2012.”

Key Findings from the Study:

  • Energy independence within reach
  • Fracking is controversial and essential
  • Overall optimism leads to expansion and refinancing
  • Regulatory environment under fire
  • Renewables are part of the energy mix

    To download the full 2012 U.S. Energy Sector Outlook, click here.