Like the song, everything old is new again for oil and gas. The business is re-entering an age of energy abundance much like the 1950s and 1960s and that’s good news for the midstream, according to the chief economist of Houston-based Phillips 66 Co. (NYSE: PSX). Horace Hobbs, speaking April 16 at the 97th annual convention of the GPA Midstream Association, said energy executives “need to change the way they think” as production swells from unconventional shale plays. He said the switch “is a whole new phenomenon” for nearly everyone in oil and gas because for 45 years the industry has been focused on supply following the OPEC embargo during the 1973 Yom Kippur War. That spans the careers of nearly everyone in the business today. Now, the question is finding demand. “We have been exploring for oil in the Arctic and deepwater offshore, we don’t need to do that anymore,” Hobbs said. “It’s a substantial change in the way we think.” Development of the shale plays has become predictable “mining” in comparatively easy-to-reach, land-based plays, he noted. The shales’ abundance means swelling proved reserves that go out 30 to 40 years, even with no additions.