| |
U.S. consumers want national energy self-sufficiency, but
say no to traditional energy plants in their back yards: RBC
Capital Markets survey
Despite growing awareness of climate change, majority remain
more concerned about gas prices
NEW YORK, June 5, 2007 — While nine out of ten
people said the U.S. needs to find ways to produce more of
its own oil rather than rely so heavily on foreign sources
and eight of ten said they were concerned about the country's
energy self-sufficiency, the vast majority of Americans oppose
the construction of oil refineries or other traditional energy
plants in their city or town, according to an annual energy
survey released today by RBC Capital Markets, one of North
America's leading energy investment banks.
The national survey of 1,001 Americans was released in conjunction
with RBC Capital Markets' annual Energy Conference being held
in New York today and tomorrow. It shows that 84 per cent
opposed the construction of an oil refinery in their hometown,
83 per cent opposed the construction or re-commissioning of
a nuclear power plant and three out of four opposed the construction
of a liquefied natural gas facility in their city or town.
"We haven't built a new refinery in the U.S. in almost
three decades," said RBC Capital Markets analyst Kurt
Hallead. "Clearly the 'Not In My Backyard' phenomenon
still prevails."
The survey also found that compared to a year ago, Americans
are far more concerned about global warming and climate change,
and are increasingly conscious of the harm carbon dioxide
emissions are causing. The majority of those polled (68 per
cent) said they were in favor of carbon dioxide regulations,
even if it meant higher energy costs, and 67 per cent said
they would also pay more for cleaner fuels than pay less for
fuels that pollute. Still, only a third say they are spending
more time learning about what they can do and two-thirds admit
they need to do more.
"It's as if consumers are paralyzed by the magnitude
of the problem, concerned about the price they will have to
pay in their personal lives, and unsure that they can do anything
about it," said Hallead. "To me, it's a clarion
call for more public education. It's the only way for policy
makers to address a situation where everyone wants energy
self-sufficiency but no new traditional energy plants."
Moreover, while the vast majority of Americans support government
activities to increase energy conservation programs, develop
alternative energy incentives, and reduce the nation's reliance
on foreign oil, there is still resistance to policies or initiatives
that intrude on Americans' lifestyles or pocketbooks.
While the survey also found that Americans' number one concern
was the quality of life for the next generation, concern for
gas prices took precedence over "quality of the air I
breathe" and climate change — in large part because
three quarters of respondents said it would be impossible
to live their life as it is today without owning a car. Eight
in ten (78 per cent) said they were concerned about the price
of gas and if they could afford to drive. In fact, sixty-seven
per cent felt that Americans are too concerned with how energy
prices affect their wallets and are losing sight of protecting
the environment.
"This crystallizes the dilemma faced by policy makers:
the public clearly wants action, but not action that overly
affects their way of life," said Marc Harris, RBC Capital
Markets' Director of U.S. Equity Research. "One of the
issues is getting people to practice what they preach. However,
it was heartening to see that almost 70 per cent said they
would consider a hybrid car in their next purchase and 58
per cent of SUV owners said they will try and buy a hybrid
next time."
On the issue of alternative energy, a resounding 87 per cent
said the U.S. government needs to act immediately to encourage
and reinforce the development of alternative energy sources
with subsidies and incentives. Six in ten people said they
would sanction the construction of a solar plant in their
hometown and more than half (57 per cent) would endorse the
construction of wind turbines in their hometowns.
Other highlights of the survey include:
- Three-quarters (74 per cent) of Americans said they would
consider a candidate's stand on energy issues when voting
in the 2008 presidential election, up from 49 per cent who
did so in 2004
- When asked, "Will the United States find a solution
to its energy problems in your lifetime?" nearly six
in ten (57 per cent) said "no." Even the survey's
youngest respondents (18 to 24 years old) did not believe
the nation would find a solution to its energy problems
in their lifetimes, with close to half (48 per cent) expressing
disbelief
- Three-quarters said that companies who adopt and comply
with environmentally friendly and energy efficient standards
should receive a meaningful reduction in corporate taxes
- One-third of SUV drivers said the publicity surrounding
energy consumption and climate change has caused them to
second-guess the benefits of owning an SUV.
The RBC Capital Markets survey was conducted May 11 - 18,
2007 and included 1,001 online respondents. InsightExpress
assisted RBC Capital Markets in the survey. The margin of
error was ±4.1 per cent.
About RBC Capital Markets Global Energy
RBC Capital Markets' Energy Group provides advice and raises
capital for the energy and utilities sectors around the world,
including exploration & production, oil field services,
pipelines, MLPs, and refining and marketing. The firm provides
award winning energy research that covers more than 200 energy
companies around the world. In 2006, its energy analysts received
top rankings from independent research survey firms for stock
picking, earnings estimates and research coverage in the oil,
gas & consumable fuels industry, integrated oil and gas,
oil and gas exploration, oil services and utilities. RBC is
one of the most experienced banks in the world in oils sands
financing, and is a Nomad on the Alternative Investment Market
(AIM).
- 30 -
Media contacts:
Kevin Foster, RBC Capital Markets, (212) 428-6902, kevin.foster@rbccm.com
Katherine Gay, RBC, (416) 974-6286, katherine.gay@rbc.com
Loretta Healy, Hubbell Group, (781) 878-8882, lhealy@hubbellgroup.com
|
|
