Hulshof Unveils Missouri Energy Plan
Solutions to nation's energy needs can be found right here in the Show-Me State
Kenny Hulshof is introducing a series of proposals designed to take advantage of energy available right here in Missouri. Hulshof's plan would encourage exploration of Missouri's oil and gas resources. It would also promote investment in Missouri for increased production and refinement of those resources.
"For years I have been saying that we should look to the Midwest instead of the Middle East when it comes to addressing our nation's energy needs," said Hulshof. "That starts with tapping into resources we have available right here in Missouri. While special interests block efforts to take advantage of our nation's domestic energy supply elsewhere, there are solutions to be found right here in Missouri. We should take every possible step to exploit those solutions."
Experts estimate that Missouri has anywhere from 1.4 to 1.9 billion barrels of heavy oil in western Missouri. At today's prices, the total value of Missouri oil could reach nearly $220 billion. However, the vast majority of Missouri's energy wealth lies untapped.
One reason is that drilling for Missouri's heavy oil is only economically viable when prices exceed $50 a barrel. With current prices greater than $100 a barrel, interest in Missouri's heavy oil supply is poised to substantially increase.
Unfortunately, there are more than just natural factors inhibiting the growth of Missouri's energy industry. A lack of reliable information, research, and energy infrastructure are holding us back. Hulshof's plan would address these challenges.
Details of Hulshof's plan are attached.
Hulshof has consistently been a champion of domestic energy. His record shows unwavering support of responsible oil exploration and renewable energy such as wind, solar, hydroelectricity and homegrown fuels like biodiesel and ethanol.
The Missouri Energy Plan
Accurately document the extent of Missouri's energy supply
According to the Department of Natural Resources no one knows the precise quantity of untapped oil and gas in Missouri. However, it has been estimated there could be anywhere from 1.4 to 1.9 billion barrels of heavy oil in western Missouri. At today's prices, the total value of Missouri oil could reach nearly $220 billion.
As governor, Kenny Hulshof will direct and provide funding for DNR to work with the federal government and energy investors to better determine the extent of Missouri's energy wealth.
Fund Exploration Research
To help make Missouri oil more competitive, Kenny Hulshof will fund research at Missouri University of Science and Technology to discover cheaper, more reliable methods of extracting our enormous stores of energy wealth. Production will increase as exploration methods improve.
Construction of an oil refinery in Missouri
Missouri does not have a single oil refinery. As a result, energy investors often overlook Missouri because of the cost to transport raw materials to refineries. Kenny Hulshof will offer tax incentives to encourage the construction of a new oil refinery in Missouri.
Encourage Investment in Missouri Energy
Every year, the Department of Economic Development (DED) attracts hundreds of new businesses to Missouri. Kenny Hulshof will put the department to work encouraging entrepreneurs to invest in Missouri energy exploration. This plan will bring new entrepreneurs to the oil fields of western Missouri by appointing an energy liaison within the DED.