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U.S. Middle Market Energy Executives See Energy Independence in 15 Years
CIT’s Executive Insights Video Series Examines U.S. Energy Industry Outlook
Renewable Energy Should Be Part of The U.S. Energy Mix
Environmental Issues Surrounding Fracking Need To Be Addressed
Over-Regulation A Major Concern of Executives
Wednesday, February 15, 2012 08:30 AM
Mike Lorusso, Managing Director and Group Head for CIT Energy (Photo: Business Wire)
The expansion of drilling programs in the U.S., as well as fracking has environmental issues that need to be addressed

NEW YORK--(BUSINESS WIRE)--NEW YORK--(BUSINESS WIRE)--Middle market energy executives are bullish on the prospects of U.S. energy independence with 70% believing it could occur within the next 15 years, according to Mike Lorusso, Group Head of CIT Energy (cit.com/energy). This is one of the findings detailed in the second of a two-part video series in CIT’s Executive Insights (cit.com/executiveinsights) based on CIT’s study, “2012 U.S. Energy Sector Outlook” (cit.com/energyoutlook).

Energy Independence

According to Lorusso, a combination of factors can help the U.S. achieve energy independence, including, “Increased production of our gas resources, further developing our oil resources and the development of clean technologies to better utilize our existing resources, such as coal, and developing better energy efficiencies.”

Renewables in the Mix

Although study participants are primarily from the oil and gas industries, they generally show support for renewable energies as part of the U.S. energy mix. “However, nearly 20 percent believe that subsidies for renewables are a poor use of limited resources,” says Lorusso. “Instead, they should be directed to research and development companies as opposed to established developers.”

Concerns About Fracking

Middle market energy executives believe that one of the biggest impediments to developing the natural resources of the U.S. is opposition to drilling, as well as environmental concerns. “The expansion of drilling programs in the U.S., as well as fracking has environmental issues that need to be addressed,” says Lorusso. “If we don’t do this adequately, it could severely limit and inhibit our ability to increase our resources.”

Over-Regulation

“Two-thirds of participants believe that regulations are a major issue facing the industry within the next five years,” says Lorusso. In fact, a sizable minority of energy executives, 40 percent, favor the abolishment of the Department of Energy.

EDITOR’S NOTE: To download a free copy of the complete study, visit: cit.com/energyoutlook. In addition, individuals can download a free copy of CIT’s Executive Spotlight with Mike Lorusso, in which he provides an overview of the U.S. energy sector, at cit.com/energyspotlight.

Individuals interested in receiving corporate news releases can register at cit.com/newsalerts or subscribe to the RSS feed at cit.com/rssfeed

About the Study

Survey respondents included 107 energy industry executives. A hundred and one executives came from companies with revenues from $10 million to $1 billion. Six executives came from companies with revenues that ranged from $1 billion to $5 billion.

About CIT      

Founded in 1908, CIT (NYSE: CIT) is a bank holding company with more than $34 billion in financing and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to its more than one million small business and middle market clients and their customers across more than 30 industries. CIT maintains leadership positions in small business and middle market lendingfactoringretail financeaerospaceequipment and rail leasing, and global vendor finance. CIT also operates CIT Bank,BankOnCIT.com, its primary bank subsidiary and an FDIC-insured online bank which offers a suite of savings options designed to help customers achieve a range of financial goals. cit.com

 

Contact:

CIT MEDIA RELATIONS:
C. Curtis Ritter, 973-740-5390
Director of Corporate Communications
Curt.Ritter@cit.com
or
Matt Klein, 973-597-2020
Vice President, Media Relations
Matt.Klein@cit.com
or
CIT INVESTOR RELATIONS:
Ken Brause, 212-771-9650
Executive Vice President
Ken.Brause@cit.com