As Prepared For Delivery
Good afternoon, everyone. David, thank you for the kind introduction. And, thank you to the Natural Gas Roundtable for inviting me today. I am pleased to be here to discuss the energy markets and the work of the CFTC.
The changes in supply and demand that all of you must contend with have been significant. The shale revolution has had dramatic effects on price and changed fundamental assumptions about our domestic production capabilities.
Five or six years ago, there was hardly any shale production in the Marcellus region, and in April it was over 16 billion cubic feet per day. And you have always faced the challenges created by the basic structure of the gas market, such as the fact that it is largely domestic and demand can vary significantly depending on the unpredictable effects of weather.
I know also that regulatory change is a challenge for you. As someone who spent many years advising businesses trying to plan investments and strategies, I appreciate the value of predictability and certainty in regulation. I am committed to trying to provide that as much as possible.