America now occupies a position of energy leadership that was unthinkable a short time ago. These developments are strengthening America’s energy and economic security and benefiting tens of millions of individuals.
America is increasingly leaving decades of energy scarcity concerns in the dust, as we become a worldwide leader in energy production. Since 2008, America’s crude oil production has surged by 70%, and we have surpassed Russia and Saudi Arabia to become the world’s largest producer of oil and natural gas.
This means that we are a safer nation: more economically sound, and less dependent on foreign sources of oil from nations that don’t share our national interests.
A safe, reliable energy supply provides economic stability, heats our homes, fuels our cars, and runs our factories and businesses. In addition, the American energy industry creates jobs, funds schools, saves lives, helps us to communicate and, yes, even develops new forms of clean energy.
The oil and natural gas industry alone supports jobs for more than 9.8 million Americans, including tens of thousands of vendors and suppliers that support oil and natural gas operations. And we know that these are quality, good-paying jobs with salaries that average about $50,000 more per year than the national average.
And there’s the potential to create 955,000 more jobs in the oil and natural gas industry by 2020. And, nearly 1.3 million jobs by 2030.
The energy industry supports 8% of the U.S. economy, with the oil and natural gas industries contributing $1.2 trillion to U.S. GDP in 2011 alone. It is also estimated that increased energy production can generate an additional $803 billion in government revenue by 2030.
Petroleum products include transportation fuels, fuel oils for heating and electricity generation, asphalt and road oil, and the feedstocks used to make chemicals, plastics, and synthetic materials found in nearly everything we use today. About 74% of the 6.89 billion barrels of petroleum that we used in 2013 were gasoline, heating oil/diesel fuel, and jet fuel.
There is no silver bullet to meeting America's energy needs. We need all our sources of energy. But we must recognize the reality of our reliance on the fossil fuels that help power our economy. There is a significant amount of energy that we can produce domestically and not rely on from countries who may not always support our best interests. We must increase domestic oil and natural gas production for our nation's energy security.
Oil and natural gas supply more than 60 percent of our nation’s energy. They are the foundation for products that we use daily. In 2040, the U.S. Energy Information Agency projects that oil and natural gas will continue to supply over 60% of the global energy needs.
America needs to create sound policies that increase, not decrease, energy production - of all types. Our policymakers must not create barriers to oil and natural gas development through moratoriums, higher taxes, and unnecessary regulations that stymie growth and hurt our economy.