Remarks by
Robert W. Gee
Assistant Secretary for Fossil Energy
U.S. Department of Energy to the
"Beyond Boom or Bust in World Oil Markets"
Executive Roundtable Discussion
Sponsored by
U.S. Department of Energy and the
Energy Institute, University of Houston
Houston, Texas
January 26, 2000

Good afternoon. If I have an extra large smile on my face today, it is due to being back in my hometown of Houston. For the native Texans in the crowd, I am sure ya'll understand.

On behalf of the Department of Energy, I want to thank everyone for attending this important dialogue between industry and government. Specifically, I want to single out the University of Houston - College of Business Administration Institute and its Director Michelle Michot Foss for putting together a superb agenda. And, I want to thank my boss, Energy Secretary Bill Richardson for his attendance and earlier remarks. Most of all, a big thanks to all participating panel members for their input into this very important discussion.

Today's meeting was actually prompted by discussions held by the Secretary, George Yates, and other independent producers. We, at DOE, believe that data collection and interpretation can be improved. Your discussion is allowing a useful exchange of ideas that will, hopefully, lead to better data quality and collection.

Perhaps as a consequence of this agenda and future discussions among your colleagues, we will have the tools needed to play an increased role in oil market stability. It is our belief that the industry can benefit and better meet marketplace demands without volatile price fluctuations.

Data transparency is not a perfect science. You have the insight into how we can share this wealth of knowledge and information. Since there is short-term volatility, lack of data for certain groups is a lost opportunity for all of us to benefit from what the best and brightest have to offer. The range of our initiatives is outstanding. Today, seated among you are individuals representing corporations that are dedicated and have vast resources to assist with this situation. Building this foundation is critical. But society can't wait. Businesses can't wait. We have to jump in together to act now. We must not view this as proprietary information.

Finally, I want to suggest that perhaps today's meeting will be a launching pad for a possible Secretarial symposium, summit, or similar gatherings. This is a new process and must be an ongoing process. Please send your input and feedback to me or Jay Hakes. We will forward your thoughts to the Secretary - and act on each idea, accordingly.

I now want to introduce Mr. George Yates, President and CEO of the Harvey E. Yates Company and HEYCO International. He is a New Mexico native, but decided to further his education here in God's country, where he received his Bachelor of Business Administration from the University of Texas. George has been:

• past President of the Independent Petroleum Association of New Mexico
• past Chairman of the Independent Petroleum Association of America and the Natural Gas Council
• and, past Chairman of the Board of Directors of Mountain States Legal Foundation (Denver, CO) and the Environmental Issues Council (Washington, D.C.)

He is also a member of the National Petroleum Council.

Please help me in welcoming George Yates . . .