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Technology and Innovation is Key to Saving Energy Industry; Executive With Blessing Petroleum Group Predicts Natural Gas Will Replace Oil

Posted on: Thursday, 8 September 2005, 18:00 CDT

The United States is being held hostage by its own addiction to oil. Energy executive Edward W. Blessing, founder and managing director of Blessing Petroleum Group, LLC, made that statement while addressing the energy industry in a speech today at the 13th Annual Energy Policy Conference in Denver, Colo.

"The U.S. has gotten into this position because of its reliance and complacency concerning cheap and available oil," said Blessing. "We've been trapped and the only way to survive centers around technology and innovation."

In his speech, "The World According to Oil," Blessing said the competitive advantage the U.S. has over every nation is innovation, ideas, and the ability to make things happen. That innovation is what will save the industry. In Qatar for example, one U.S. energy company is investing billions of dollars to turn natural gas into a type of diesel fuel.

"Since OPEC and other non-OPEC members are secretive as to how they derive their estimated oil reserves, the industry does not know what proven, probable, and possible reserves exist in the world today," said Blessing. "We can't know because there is no transparency and given the realities of world oil politics, that is not going to change."

To that end, Blessing says consuming countries have to look elsewhere for their energy needs.

Experts say that just as the 19th century was shaped by coal and the 20th century by oil, this century will belong to natural gas, the only viable source for massive change in energy supply.

Blessing has been involved in the petroleum industry for more than 25 years, primarily serving as a venture capitalist that funds worldwide companies searching for natural resources. His domestic and international experience with various governments in several developing countries has earned him expert status in the industry.

The theme for this year's Energy Policy Conference is "America's Energy Future in a Global Economy." The conference covers issues including security, conservation, energy efficiency, development of alternative resources, service and exploration incentives.

Other speakers at the conference are Stephen Leeb of Leeb Capital Management, New York City, author of book entitled "The Oil Factor;" Dr. Dobie Langenkamp, University of Tulsa; Jim Sims, Executive Director, Western Business Roundtable; Mary Spruill, Executive Director, National Energy Education Development; and John Tobin, Executive Director, Energy LITERACY Project, Inc.

Source: Business Wire

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