Energy executives upbeat on US energy independence: Poll

US energy independence remains a distinct possibility in the foreseeable future, about half (49 per cent) of US CEOs polled by financial services major CIT stated while 67 per cent agree that current policies are hampering energy development in the country.

Yet, 81 per cent of middle market energy executives describe 2013 as profitable, and their expectations for 2014 are nearly identical, with 82 per cent anticipating continued profitability.

These are some of the findings detailed in the latest research study, 2014 US Energy Outlook, released by CIT Group Inc, a leading provider of financing to small

Businesses and middle market companies, in association with Forbes Insights.

''Consistent with current market observations, US middle market energy executives are optimistic as they find themselves in the midst of a boom propelled by oil, natural gas and power,'' says Mike Lorusso, group head and managing director, CIT corporate finance, energy.

''They believe that with policies that are more supportive to the growth and investment in the energy sector, the US will continue to advance towards its goals.''

More than 8 out of 10 (81 per cent) executives describe the past year as "profitable" or "very profitable" - with 50 per cent saying as profitable and 31 per cent as "very profitable".

Expectations for 2014 are nearly identical, with 82 per cent, including 50 per cent who expects to stay profitable and 32 per cent expecting to stay very profitable during the year.

The three-to-five-year energy sector outlook is even more positive, with 91 per cent of executives, including 53 per cent who expects to remain profitable and 38 per cent expecting to stay very profitable while 23 per cent describe their outlook as ''aggressive'' (above average investment and growth).

Nearly 6 in 10 (57 per cent) see rising oil prices over the next 18 months, and 66 per cent expect higher oil prices over the next three to five years.

Middle market energy executives (65 per cent) expect natural gas prices to rise over the next 18 months while 68 per cent expect higher prices over the next three to five years.

Approximately 60 per cent of middle market energy executives believe electricity prices will rise over the next 18 months. Nearly three out of four executives (72 per cent) see higher power prices through 2019.

Overall, 65 per cent say that current policies inhibit US energy development and 54 per cent say current policies are ''pro'' natural gas development.

Regarding oil, only 23 per cent say current policies are ''pro,'' while 56 per cent describe policies as ''con.''

Nearly 8 in 10 (79 per cent) say government policies regarding coal are ''con.''

Policies for green energy sources are regarded as ''pro'' by 80 per cent or more of executives (81 per cent for solar).

Three out of five (60 per cent) believe energy policy will be one of the most critical issues in the 2014 Congressional races; two out of three (67 per cent) say the same for the 2016 election cycle.

However, nearly half (49 per cent) say energy independence is likely in the foreseeable future, with 40 per cent saying within 6-10 years. Key factors include expanded natural gas production (cited by 74 per cent of respondents), significant new domestic energy discoveries (60 per cent) and approvals of infrastructure projects.

Forty-eight per cent of middle market energy executives believe fracking is safe. Only 10 per cent say it's potentially very dangerous. Close to six in 10 (56 per cent) believe more needs to be done to address known environmental concerns about fracking. Nearly 6 in 10 (56 per cent) of executives say government restrictions on traditional energy sources subsidise green energy.