At Rice University's Baker Institute, ConocoPhillips CEO Jim Mulva revved up a standing-room-only crowd on September 27 in an address titled "Let's Get to Work with Natural Gas."

Mulva noted that "gas is more than a bridge to the future. It's part of the long-term energy and environmental solution." Yet, Mulva noted, gas producers "face development delays due to governmental policies and understandable public concern" after the events in the Gulf of Mexico and in a lagging U.S. economy.

"Policies that ensure a robust energy supply base can provide a national competitive advantage," yet, Mulva added, "natural gas is an overlooked job-creation machine." Mulva urged Washington to develop a comprehensive energy policy "from a blank sheet of paper" which emphasizes "abundance, cost, efficiency and environmental merit."

"We don't have that today." Mulva offered instead something "you could call … more-digestible, bite-sized climate protection."

Wind power, he noted, may "cause more emissions than a combined-cycle gas fired power plant by itself," if coal-fired generators back them up or if they cannibalize cleaner gas-fired power generators.

Mulva highlighted the benefits of less coal-fired power plant production while ramping natural gas-fired plants over today's 42% rate. He called on manufacturers to convert to more efficient, cleaner burning natural gas boilers and equipment. "There is plenty of gas available," to begin the changeover, Mulva offered.

Mulva stated that gas is "in far greater abundance than once believed possible. It’s domestic, clean, and capable of fueling economic growth and job creation. We just need wise government policies."

"Thanks to new shale gas developments, U.S. gas resources now exceed 2,000 trillion cubic feet. That's a 100-year supply at current production. Or enough for our great-grandchildren—and then some," Mulva noted.

He directly addressed present day concerns about hydraulic fracturing in shale basins. "Critics will say that … hydraulic fracturing, it's environmentally risky. The science proves otherwise. The risks are manageable," Mulva said.

Mulva also highlighted expectations for durable cost advantages and lower volatility due to existing pipeline and storage infrastructure while noting that onshore production regions make up 85% of the U.S. total.

He said current natural gas prices of "about US$4" per thousand standard cubic feet (kscf), are "due to the weak economy and rising production." Prices like these below replacement cost, he said, are " not sustainable."

Yet, Mulva said that even at a $7/kscf forecast for 2020, "gas should be very attractive compared to other sources - particularly renewables that require subsidies."

"Fossil fuels can't be replaced by hitting a switch and hoping the renewable sources come online," Mulva added. He called proponents of such a hasty switch "job deniers" who call for green jobs "with the best of intentions," yet “endorse policies that could eliminate hundreds of thousands" of the "9.2 million” current U.S. oil and gas jobs.

"Prematurely replacing low-cost conventional energy with expensive 'green' sources would make U.S. industry less competitive," Mulva warned. "Bring on the green jobs" he chimed, "but in doing so, don't destroy the real jobs of today."

"Let's not leave U.S. energy policy blowing in the wind," Mulva cautioned.

He finally offered three key takeaways. Natural gas, he noted, is an "energy game changer," "gas can help drive economic recovery and job creation," and "the U.S. needs a balanced energy policy" to encourage "efficient, productive and environmentally beneficial" use of gas.

The Baker instituted hosted Mulva and other speakers in front of hundreds of attendees at a two-day seminar titled "Energy Market Consequences of an Emerging U.S. Carbon Management Policy."