Energy at a Crossroads—Crisis, Innovation, and Prosperity

Speaker:  Rick Fritz

Location: Petroleum Alliance of Oklahoma

Date: Wednesday, August 12th, 2026

Time: 11:30 am - 1:00 pm

Cost: $25 Members; $35 Non-members (lunch included)*

*Note the OCGS is unable to issue registration refunds as the luncheon catering is prepaid

Abstract:  

Energy access and human standard of living are inseparable.  Access to affordable and reliable energy is the key measure of human development and quality of life. Where there is low access to energy, there is poverty. Where there is high access to energy, there is prosperity. Where there is prosperity there is also more opportunity to protect the environment. The world is at a crossroads as we determine our future energy sources and mix.

Five hundred years ago sources of energy were very simple—primarily wood or wood products then peat and coal. As we moved into the 19-20^th centuries we added oil, gas, hydro, nuclear and some hydrothermal.  Now we are adding wind, solar, hydrogen, etc.  This is typically called “the Energy Transition”…I prefer to call it “Energy Integration” or “Energy Expansion”.  After all North American is still sending “woody fuel” to Europe in great quantities and realistic energy experts see us using petroleum products well into the future.  The fact is we need all forms of energy.

The world seems to be continually in or on the edge of an “energy crisis”.  Economic pressure on energy supplies has increased with global conflicts and there always seems to be another geopolitical conflict over the horizon that can disrupt energy markets and the global economy. Even though the U.S. continues to enjoy a stable growth rate the economy is still fragile with serious inflation and higher interest rates.  On top of the disruptive geopolitical and economic issues there is this new battle over what type of energy is more affordable and efficient. 

Innovation will be key for the future sustainable development of these various forms of energy, and it will also be needed to significantly improve efficiency. Even as lower-emission options grow, most energy companies project oil and natural gas to meet more than half of the world’s energy needs in 2050. Lower emission options, such as wind, solar, geothermal, and biofuels will continue to grow but will most likely be bridges to an energy future focused on nuclear and hydrogen. Cutting-edge innovations like “nuclear fusion” could change everything.

When examining prosperity and our energy future there are several key numbers that come to mind—they are +2 billion, > $2000 and 2050.  It is expected in the next 25 years for the world’s population to grow from 8 billion to 10 billion people barring major wars and/or plagues.  These additional 2 billion people will need and want readily available energy supplies at a reasonable cost.  For many people across the world in developing countries the basic standard of living is defined as $2000 per capita GDP. This is barely making it. They need at least 5x that amount to develop a decent standard of living. This will require more energy and place more pressure on CO2 emissions.

In addition to growth in demand due to population increase, there is also continued pressure on energy for new advances such as computing power. It is estimated that one single state-of-the-art AI data center can require as much electricity as one large nuclear reactor.   Yet tech giants have promoted the shutdown of reliable fossil fuel power plants in favor of less reliable solar and wind.  There must be balance for success.

There are four drivers to energy access—1) consumer support, 2) money to develop, 3) technology to find, and 4) policy to guide. All four affect how the world uses energy. Each driver influences the others and changes over time, with variances by region and political circumstances.

Energy is essential for human progress. Economic expansion and improving access to energy enable people to lead longer, more productive lives.

Speaker Bio:  

Rick Fritz is a certified professional geoscientist who has two degrees, BS and MS in geology, from Oklahoma State University. He started his career with Exxon in 1977, he was president of Masera Corp a research company from1981-1999, worked as a senior technical expert for SM Energy from 2011 to 2015, and was CEO of Council Oak Resources an EnCap startup from 2015 to 2018.  Rick has been involved with AAPG in many capacities including Executive Director from 1999 to 2011 plus many volunteer positions including president of the Division of Professional Affairs from 2015 to 2016, Chair of Datapages, Inc from 2012 to 2018, and AAPG president from 2020 to 2021.  Rick is currently the GEO-CEO of Xplora Energy, Inc. a U.S. independent limited liability company. Rick is also the current Executive Director of the AAPG Foundation.