Author of ‘The Boom’ is keynote speaker at TCU energy summit

Low crude oil prices have led to doom and gloom headlines for the energy industry this year as thousands lose their jobs and unused rigs pile up by the hundreds.

But even with oil stagnating below $50 a barrel, don’t expect any sob stories at a two-day energy seminar at TCU this week.

Ken Morgan, director of the TCU Energy Institute, said the keynote speaker, Russell Gold, author of The Boom and senior energy editor at The Wall Street Journal, will focus on how the shale revolution has forever changed the geopolitical landscape in favor of the United States.

“Most of the world now knows that the U.S. is a serious supplier of oil and gas,” Morgan said. “The U.S. is poised to get right back into the game.”

The lecture, part of the Kenneth Davis Jr. Energy Speakers Series, will be at 4:30 p.m. Monday at the Dee J. Kelly Alumni Center at TCU. Davis, a longtime Fort Worth oilman, is chairman of Great Western Drilling Co. and gave an endowment to TCU for the series.

In The Boom, Gold looks at how hydraulic fracturing technology and horizontal drilling opened up new fields not just in Texas but worldwide to drilling. Much of that early work was done by George Mitchell, the so-called “father of fracking,” in the Barnett Shale.

Texas remains at the forefront, producing 3.4 million barrels of crude oil per day, or one-third of all crude produced in the United States, according to the Energy Information Administration.

While the downturn has been painful for many, the oil glut that forced prices down will result in a stronger oil industry, Morgan said.

“Every time throughout the cycle, lots of people get in but over time they don’t have the staying power to weather price fluctuations,” Morgan said.

That’s leading to a consolidation with mergers and fire sales on assets. Some companies, such as Fort Worth-based Quicksilver Resources, were highly leveraged and forced to file for bankruptcy.

“When the dust settles, you’ll have a much more organized industry in this country,” Morgan said.

For consumers, an oversupply of oil has pushed gasoline prices below $2 a gallon in Texas. The rise of U.S. oil production means less crude oil imports. That shields the country from the price spikes that used to occur when there was instability in the Middle East.

Gold will also likely discuss the benefits of lifting the 40-year-old ban on crude oil exports. An initiative led by Congressmen including Rep. Joe Barton (R-Texas) passed out of a House committee last week and is under debate.

This story was originally published September 18, 2015 at 5:45 PM with the headline "Author of ‘The Boom’ is keynote speaker at TCU energy summit."