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Energy Economics: Global, U.S. and Oklahoma Perspectives

This presentation provides an overview of the global and domestic economies, with a focus on energy. It examines the impact of the Trump administration on energy issues and explores the state of the energy economy in Oklahoma, particularly in OKC. Topics covered include economic growth forecasts, energy consumption, and the outlook for local energy companies. The presentation also highlights the graduate degree programs in energy offered by the Meinders School of Business. Questions and inquiries are encouraged.

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Energy Economics: Global, U.S. and Oklahoma Perspectives

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  1. Steven C. Agee, Ph.D. Dean and Professor of Economics Meinders School of Business

  2. Outline and Objectives for Today’s Presentation • Let’s first take a 50,000 foot view of the world and domestic economies; • Then let’s examine energy as a component of these economics; • Assess U.S. domestic economic conditions and the impact of the new Trump administration with regard to energy issues (access to federal lands, pipeline infrastructure, EPA matters) • Finally, let’s assess the state of the energy economy in Oklahoma, primarily OKC by looking at the recent statements made by our leading energy E&P companies; then take Questions!!!

  3. The 50,000 foot view of the Global Economy • Global Economic Growth for 2016 was 3.1%; • According to the International Monetary Fund, growth is forecast to accelerate in 2017 and 2018, to be 3.4% and 3.6%, respectively. Over the next twenty years, the world economy is expected to nearly double, with growth averaging 3.4% per year; • The composition of this growth will vary between nations/regions with advanced economies (OECD nations) growing at a 1.9% pace in 2017 and 2.0% rate in 2018; while EMDE’s (Emerging Markets & Developing Nations) are expected to grow from 4.1% growth in 2016, to 4.5% in 2017, and then 4.8% in 2018. • Notably, the growth forecast for 2017 was revised up in China to 6.5%; • Also, the growth forecast for India is 7.2% in 2017 (up from 6.6% in 2016) and then 7.7% in 2018; • India and China remain the fastest growing economies in the world!

  4. A global energy perspective… Transportation Petroleum Transportation 93 72 3 4 Petroleum 23 5 1 Industrial Industrial 39 43 Natural Gas 7 3 11 34 16 Commercial/Res. 28 75 Natural Gas 36 <1 8 Coal Coal 8 <1 Other 91 1 Electric Power 24 13 Renewable Energy 41 26 9 12 Renewable Energy 21 52 Nuclear Elec. Power (9%) Non-energy (9%) 100 Nuclear Elec. Power (9%) (8%) Source: U.S. Energy Information Administration, Monthly Energy Review (January 2014); IEA, Key World Energy Statistics (2013).

  5. The Trump Impact on Domestic Energy The Press (The Inquirer Daily News; Philly.com) (Inc. - Nov 22, 2016) (The Huffington Post) (Reuters) (The Washington Post – Nov 11, 2016 (AP; The Big Story) (Downsizing the Federal Government) (Forbes) 16

  6. The Trump Impact on Domestic Energy • More supportive for construction of oil and gas pipelines; • In favor of opening federal lands for exploration and development; • Appointment of Scott Pruitt as head of the EPA is a definite indicator about reduced environmental restrictions on every energy resource; • Possible corporate tax cuts and less regulation could also be a positive for the energy industry.

  7. Outlook for local E & P companies…. • Chesapeake – Expected to spend $1.9 billion to $2.5 billion in 2017 on drilling activity, up from last year’s budget $1.65 billion to $1.75 billion; • Devon – Plans to spend $2 billion to $2.3 billion in 2017; • Continental Resources – In January reported it had increased its drilling budget about 73% to $1.9 billion in 2017.

  8. Meinders School of Business (OCU) • Started two new graduate degree programs in energy in January 2012; • Now in our 11th cohort of students – over 400 are in or have graduated with their Master’s degrees; • We offer a Master’s in Energy Management and a Master’s in Energy Law/Legal Studies. In-class and live-streaming with video capture; • A new cohort will starts each semester with the next one in August 2017; • Classes are one-night a week and each course is nine-weeks in length. Total program lasts two years. Most companies provide tuition assistance.

  9. Questions?? Contact Information Steven C. Agee, Ph.D. Meredith Wegener, J.D., L.L.M. sagee@okcu.edu(405) 208-6111mwegener@okcu.edu(405) 208-5593 Cindy Treadway, Grad Advisor Maranda Kitchingham, Outreach ctreadway@okcu.edu(405) 208-5418 mjkitchingham@okcu.edu 208-5536

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