About 30 people gathered in the Collins Center yesterday for a lecture entitled “Energy: An Industry of Opportunity.” Bruce Bullock, the director of the Maguire Energy Institute, and James L. Smith, the Cary M. Maguire chair in oil and gas management, were the featured speakers. The lecture was the first of six presentations on the energy industry.
Smith focused his remarks on the July report from the National Petroleum Council, which showcased an 18-month study about energy use for the future. Smith discussed topics like oil prices and peak oil time periods.
In the middle of his PowerPoint presentation, he conducted a one-question quiz on peak oil.
“I just came from a class where I gave a quiz, so now I’m in the quiz mood,” he said.
Calling peaks “ambiguous,” Smith said peaks couldn’t project the future.
He also commented on how high oil prices impact the Organization of the Petroleum Exporting Countries. For the short term, he said there are mostly favorable impacts because of supply and demand, supply rigidities and long lead times. Because of demand and supply reactions, however, he said long-term impacts are mostly negative.
While Smith shed light on the oil and gas side of the equation, Bullock focused his presentation called “Beyond OPEC: Energy in the 21st Century” on energy alternatives. Bullock focused on four sources: today’s technologies, efficiency, biofuels and tomorrow’s technologies.
Bullock prodded the audience in a less formal way than his fellow speaker.
“I don’t teach so I’ll call it a question, not a quiz,” he said. “Next time I’ll adjust accordingly.”
According to Bullock, efficiency is looked at as the “low-hanging fruit” and will buy us time to develop additional energy supplies.
He used Wal-Mart as an example of a company using alternative energy methods. By employing tools like daylight harvesting and cool roofing, the company estimates a 20 percent reduction in energy and green house gas emissions from existing stores by 2012.
Bullock then used Brazil as a model for ethanol, and presented a chart by Chevron that predicted a 600 percent increase for overall biofuels over time.
The lecture generated a positive response from Miguel De Sausa. Sausa is a first-year masters of business administration student.
“I think it was an interesting perspective on the economy of the oil industry and the alternatives for oil,” he said.
“I hope the audience got an understanding of the forces at work in the world oil market, along with what things will look like in 20 or 30 years,” Bullock said.
The next lecture will be held Oct. 18, featuring a representative from the Chevron Technology Company.
