Energy Executives: US has Potential for Energy Independence Within 15 Years

An overwhelming majority of energy industry executives (70 percent) believe the U.S. has the potential to reach energy independence within 15 years, according to a survey released this week by CIT Group.

Tthe outlook may be strong for mid-market energy companies, but few are without their concerns for market conditions. While 85 percent of respondents plan to seek financing in 2012, as many as two-thirds believe excessive regulation is the biggest concern facing the industry in the long-term. Forty percent even favor the dissolution of the Department of Energy.

"Executives believe this drive toward energy independence will be accomplished through a combination of approaches, such as expanding the use of natural gas, increasing domestic production of oil and expanding the use of renewable natural resources," said Mike Lorusso, group head at CIT Energy. "The optimism in this industry is fueling growth."

Natural gas, experts agree, may be the most important contribution to the U.S. energy portfolio, arguing that it is needed to become energy independent. Nearly nine in 10 surveyed executives (88 percent) agree that hydraulic fracturing - commonly referred to as "fracking" - is either a safe or developing technology.