Michael Smith, CEO of Freeport LNG, which hopes to begin exporting in 2018, says gas prices above $5 will be met with more supply. "As you get to $5, there are so many places people can drill wells. Haynesville has the most prolific dry gas wells we found, and we stopped drilling it," he said, referring to the shale site in Arkansas, Texas and Louisiana.
The Russian incursion in Crimea also put the spotlight on the intertwined nature of the global energy industry, where companies from across the globe collaborate in oil and gas projects.
"It is a reminder, we are still in world where 50 percent or more of the piped gas (to Europe) goes through the Ukraine," said Sam Laidlaw, chief executive of Centrica PLC. He said Europe is in a better position with supply than normal this year because of a mild winter and supply above the five-year average.
"If there 's any silver lining, it will spur people to think about energy security," he said. About 30 percent of the European Union's gas supply comes from Russia.
Some officials said there could be some pressure within Europe to diversify—even begin discussions on finding alternative sources of energy, including hydraulic fracturing, which has been widely opposed.
On Tuesday, House Speaker John Boehner called for the Energy Department to speed up approvals of more LNG projects so that more U.S. gas could find its way to Europe.
(Read more: As geopolitical tensions rise, U.S. cushions energy prices)
Energy Secretary Ernest Moniz, speaking at the conference, said while the DOE approves facilities it does not determine where the cargo goes. But Congress could take that up.
With the U.S. steadily increasing oil production, there has also been a lot of discussion about whether the U.S. should consider exporting crude. Sen. Lisa Murkowski, R-Alaska, kicked off the Houston conference Monday, calling on President Barack Obama to allow exports and seeking an Energy Department study on the feasibility.
While producers generally favor exporting, the refinery industry is opposed to it because they say it would push prices higher. Refiners currently are able to export gasoline and distillates, while raw crude cannot be exported, except to Canada or through Alaska. Even with growing production, the U.S. still imports about 6 million barrels a day, Moniz said.
"I don't think the industry has done a very good job citing and stating the case," Moniz said. He said it is the Commerce Department, not the DOE that would have oversight on exports.