ALBUQUERQUE, N.M. — U.S. oil and gas production remains at historic highs despite price instability, but the industry is facing major regulatory and infrastructure challenges to sustain momentum, local and national leaders told the Albuquerque Economic Forum on Wednesday.
That includes aggressive opposition by environmental organizations, restrictive government regulations and a growing need for new infrastructure, said Robin Rorick of the American Petroleum Institute in Washington, D.C.
“The industry is at a crossroads, a transformative stage,” Rorick said. “The dynamics of the country today are extremely challenging.”
On the positive side, production is at record highs. Nationally, crude output is above 9 million barrels per day, and natural gas 80 billion cubic feet. That’s up from 5 million barrels and 52 billion cubic feet a day in 2005.