The oil retailer is urging Houston to use clean energy

Houston, the largest oil producer in the United States, must accept a change in fossil fuels to protect its economic future, says one of the city’s largest oil producers.

“If Houston wants to continue to be the world’s leading capital, then it must be a leader in new technologies,” Bobby Tudor, chairman of Tudor, Pickering, Holt & Co, told Financial Time.

The country’s fourth-largest city, Houston, has been dominated by the oil and gas industry for over a century, and its fortunes have been boosted over the past decade. breathing companies took off.

However, environmentalists and city officials have long warned that it must begin planning for oil future. Tudor is one of the industry-leading companies that comes to the same conclusion as oil begins to shrink and grow and grow in the electronics sector shifting to low-carbon technologies.

Oil companies “could hardly imagine helping Houston grow in the next decade or two, as has happened in the last decade or so,” Tudor said. “We don’t think it will go away, but it will go away slowly.”

Tudor, a 30-year-old veteran, was a colleague at Goldman Sachs before being dropped off alone in Houston in 2004. Tudor, Pickering, Holt, & Co became America’s largest bank shale patch, giving him the opportunity to sit on the oil rink in the country and make his comments burdensome in business. in Houston.

The city has been making clear the dangers of power change over the next few years financial problems in the US shale industries, which are now under intense pressure by shareholders to increase and increase reimbursement.

The new ones waste of money This has meant that oil production growth will slow down in the city this year even though unsustainable U.S. prices have risen by $ 70 a barrel in recent weeks.

The Houston oil and gas proportion of domestic oil and gas production fell 20% from 40% in 2014, according to the Greater Houston Partnership, a business group.

Tudor said many in Houston, including major oil companies they call home, are now seeing an opportunity for a radical change that they sometimes see as dangerous – especially after they have passed away the release of wind power in government.

The city should not only focus on renewable energy, but also emerging technologies such as hydrogen and carbon capture and storage, where Houston’s roots in the oil business and the recognition of major nuclear weapons originate, Tudor said.

“Imagine trying to find a new huge hydrogen pipeline built between New York City and Boston. It would be impossible. We have a lot of good things here, ”he said.

“One of the things that the people of Houstonia and Texans like to do is see the opportunity to sell and we think there is a good marketing opportunity related to the change in power.”