The former head of Shell Oil is predicting that the Texas energy industry will boom under President Donald Trump, who promised sweeping reforms while on the campaign trail.
"The Trump administration will be focusing on the economic development of the United States in a major way, and energy will play a big roll. And it will be energy of all types. Anything that creates jobs is important to the economy and the energy security of the United States," John Hofmeister tells News Radio 1200 WOAI.
Last September, speaking to an energy conference in Pittsburgh, Trump promised to focus on deregulation as a way to create jobs.
“Untapped energy. Some $50 trillion dollars in shale energy, oil reserves and natural gas on federal lands, in addition to hundreds of years of coal energy reserves,” he said at the time.
Hofmeister, who is speaking today in San Antonio at the Academy of Medicine, Engineering and Science of Texas conference, predicts a radical shift from the current White House.
"The Obama administration, by in large, had decided in its wisdom that the fossil age of energy was quickly moving into the history books. They were dead wrong."
The current head of Citizens for Affordable Energy says the fossil fuel industry was handcuffed as a way to give alternative energy a leg up. He points to permits for drilling in the Gulf of Mexico.
"It was hundreds and hundreds of pages to get a permit. And most of it was redundant make-work, which added to the cost."
Hofmeister praised the selection of former Texas Governor Rick Perry as Energy Secretary, saying it's a sure sign that the administration will be friendlier to oil and gas companies.