Did You Know?

The oil and natural gas industry supports more than 9.6 million U.S. jobs.

Marcellus Shale development could create 113,000 American jobs by 2015.

Greater Canadian oil sands production could create more than 500,000 new U.S. jobs.

The oil and natural gas industry pays the federal government approximately $86 million a day.

America has enough oil and natural gas to power 65 million cars for 60 years.

America has enough oil and natural gas to heat 60 million households for 160 years.

Royalty revenue from energy production provides the U.S. Treasury with more than $25 million each day.

The oil and gas industry invested more than $2 trillion in U.S. capital projects since 2000.

The Eastern Gulf of Mexico may hold 3.8 billion barrels of oil.

Offshore energy development in the Atlantic could create another 3.8 billion barrels of oil.

Allowing offshore drilling in the Atlantic could create 37 trillion cubic feet of natural gas.

Increased domestic shale development could add as many as 317,000 American jobs by 2015.

Hydraulic fracturing has been used safely in 1 million wells over the past 60 years.

The United States has the most technically recoverable oil and natural gas resources in the world.

Offshore, America may have nearly 101 billion barrels of oil and 480 trillion cubic feet of natural gas.

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Rising U.S. Oil Supply and the Impact on Global Markets »

Increasing U.S. domestic production of oil matters. Energy Information Administration (EIA) chief Adam Sieminski had this analysis at an energy conference earlier this week (h/t Breaking Energy):

“There’s a fairly significant, long-standing relationship between spare production capacity in OPEC and what the pricing environment is for oil. So the 2 million barrel per day increase in U.S. oil production that surprisingly took place over the last five years has resulted in higher OPEC spare capacity, and undoubtedly, has been a factor in why Brent oil prices are $103-$104/bbl rather than $125-$130/bbl.”

In other words, the head of the federal agency that analyzes energy data says the recent growth in U.S. production has helped reduce the price of Brent crude, a leading global benchmark, by about $25 a barrel.

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