US renewable energy growing rapidly, expert says
President Trump delivered remarks on Tuesday about energy in America, including how oil companies may be diversifying into renewables.
"The reality that we're seeing [is] an era of energy independence and energy abundance, which we won't have predicted six or eight years ago," United States Energy Association executive director Barry Worthington told FOX Business' Liz Claman on "The Claman Countdown." "It's really quite remarkable."
Why wasn't this predicted, especially since in 2009, U.S. oil and gas production outpaced all other countries' natural gas production?
"I spent the first 35 years of my career bemoaning how poor Americans were with energy," Worthington said. "We were running out of natural gas. We were running out of oil. We all knew it was a certainty."
We were running out of natural gas. We were running out of oil. We all knew it was a certainty.
Worthington said if you go back to the early 2000s, America had plans to nearly 50 liquified natural gas import terminals. Now, the U.S. is rushing to built export terminals. Many of these were given the go-ahead before President Trump was in office.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WTI | W&T OFFSHORE | 1.94 | +0.03 | +1.57% |
| GASNY | NATURGY ENERGY GROUP SA | 4.73 | -0.01 | -0.32% |
| BEP | BROOKFIELD RENEWABLE PARTNERS LP | 26.03 | -0.31 | -1.18% |
| TERP | NO DATA AVAILABLE | - | - | - |
| NEE | NEXTERA ENERGY INC. | 78.67 | +0.15 | +0.19% |
| REGI | NO DATA AVAILABLE | - | - | - |
| BWXT | BWX TECHNOLOGIES | 130.85 | +0.40 | +0.31% |
| SPWR | NO DATA AVAILABLE | - | - | - |
| SEDG | SOLAREDGE TECHNOLOGIES INC. | 15.80 | +0.94 | +6.33% |
| FSLR | FIRST SOLAR INC. | 199.27 | +6.70 | +3.48% |
"We are taking a leadership position [when it comes to renewables,]" Worthington said. "The pace of renewable energy deployment in the United States is very, very rapid. Prices are falling. Both wind and solar are seeing sizable gains year after year."
The pace of renewable energy deployment in the United States is very, very rapid.
Worthington said while renewable energy is rather modest when it comes to a total percentage, but it's still growing quickly.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BP | BP PLC | 29.31 | +0.18 | +0.62% |
| COP | CONOCOPHILLIPS | 108.34 | +0.95 | +0.88% |
| CVX | CHEVRON CORP. | 161.93 | -0.18 | -0.11% |
| RDS.A | NO DATA AVAILABLE | - | - | - |
| XOM | EXXON MOBIL CORP. | 118.06 | +0.44 | +0.37% |
Big oil companies like Exxon, BP, Chevron, ConocoPhillips, and Shell have dipped their toes into renewables.
"I think it's good business because you're diversifying your product line, and our customers want to buy renewable electricity," Worthington said. "If you're a smart businessman or woman, you give your customers what they want. And that's what our industry is trying to do."
Our customers want to buy renewable electricity.
"If you're a smart businessman or woman, you give your customers what they want. And that's what our industry is trying to do."
With crude oil is becoming a headline-driven commodity regarding the trade situation, Worthington says volatility will continue with bad behavior by countries like Iran.
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"A lot of the world, not the United States so much anymore ... still relies on the Middle East for their oil supply, and when you have a belligerent Iranian regime that's threatening to block the Strait of Hormuz and has seized several different oil tankers belonging to other countries, it's a dangerous part of the world still."