The oil and gas industry is facing a backdrop of declining oil prices amid concerns about global growth. At the S&P CERAWeek Energy Conference in Houston, key industry figures gathered to discuss these challenges.
American Petroleum Institute CEO Mike Sommers joins Julie Hyman on Asking for a Trend to share insights on the future of energy production, highlighting the growing demand for energy.
“One of the key themes that is emerging at this year’s conference is truly that we’re going to need a lot more energy, particularly to feed the AI and data center boom that we know exists and that’s going to continue to grow,” Sommers says.
Sommers notes that the increased need for energy means that “we’re going to need a lot more oil and gas in particular.”
As the industry continues to grow, Sommers emphasizes the importance of ongoing investment to meet future energy needs.
“Based on just what we’re hearing from our membership, we expect about $200 billion in investment in the United States just this year alone,” he notes.
