Did You Know?

The oil and natural gas industry supports more than 9.2 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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Political Theater on Refined Exports »

One of the flimsier arguments deployed against the Keystone XL pipeline is that the Canadian oil sands crude it would deliver to U.S. refiners would be for export. We addressed that here, and others have chimed in as well. Basically, the United States doesn’t import crude and then turn around and export it. And the fact is the limited amount of finished products that are exported is good for U.S. jobs, good for U.S. trade.

Sound economic reasoning apparently is no barrier to a group of House Democrats who’re offering legislation that would block the export of oil and refined products made from the crude delivered by the Keystone XL (assuming the pipeline is built).

Passing a legislative wand over a bad idea doesn’t improve it. Once again, the facts:

More than 90 percent of on-road transportation fuel refined in the United States is for use in the United States.
The less than 10 percent of on-road motor fuel exported consists primarily of heavier products that aren’t in high demand here, including diesel, residential fuel oil and petroleum coke.