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Interview with Tom Price - Energy Future

We visit with Chesapeake's senior vice president for corporate development, Tom Price, about the future of Oklahoma's energy industry.
Interview with Tom Price - Energy Future

Tom Price

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Chesapeake Energy

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Show 0850: Interview with Tom Price - Energy Future

Air date: December 14, 2009



Rob:  Oklahoma City-based Chesapeake Energy is our country’s largest natural gas producer.  Hit hard by the credit meltdown, Chesapeake re-grouped this fall selling off part of its interests in a massive natural gas field in Appalacia for three point three billion dollars, creating a partnership that Chesapeake’s executives say will only further the company’s growth.  Earlier, I sat down with Tom Price, Chesapeake’s senior vice president for corporate development.  Mr. Price, how important is compressed natural gas to not only our country’s energy future, but our state’s economic future?

Tom Price:  I think it’s critical.  As a matter of fact, it probably can’t be overstated how important that it is.  One only has to think back to the adds that have been seen many times over now that the Pickens Plan has run and talked about the seven hundred billion dollar reliance that we have on foreign oil to run the domestic U S economy.  That is a mistake by any measure.  What’s happening now as I mentioned earlier, you’ve got a situation where you’ve just got much more global demand.  And just as one would expect with any commodity, if there is significantly greater demand, there are going to be people that say I’m willing to pay more to satisfy my customers, my consumers.  And you know, if you’re a non-democratic environment, and maybe you want to ensure that you’ve got political stability, then you might be willing to pay more than another country who was not so concerned whether people could afford to drive, or afford to cook, or do some of those types of things.  So, I think that’s going to be with us for as long as we see global expansion, and we all want global expansion.  We see what happens in an interconnected world, what happens when certain parts of the economy go into a funk, go into a malaise.  It can be pretty damaging to all of us.