Energy: Fueling our Way of Life
Energy is vital to Americans’ daily lives—powering our cars, heating our homes, and even providing the building blocks for life-saving medicines and everyday products. As demand for energy increases globally, it is paramount that the United States remains competitive, promotes greater supplies of oil and natural gas, and ensures domestic energy security.
Oil and natural gas currently supply 60 percent of America’s energy needs, and these resources will continue to play leading roles in our energy mix for many years to come. Despite the significant growth of renewables and improvements in energy efficiency, projections estimate that more than half of the world’s energy demand in 2035 will be met by oil and natural gas. With energy consumption expected to grow in the coming decades, America needs access to its untapped domestic resources.
New technologies and drilling techniques— like deepwater drilling and hydraulic fracturing—are opening up access to previously unreachable energy resources and helping boost domestic production. The United States has abundant natural resources, from the Bakken Formation in North Dakota to the San Juan Basin in the Four Corners region; the Gulf of Mexico to the Marcellus Shale in the Appalachian Basin; ANWR in Alaska to Pinedale in Wyoming; and the Piceance Basin in Colorado to the Chukchi Sea.
Committing to smart regulation and instituting smart policies that encourage domestic energy production would benefit our nation’s economy and energy security. The oil and natural gas industry already supports nearly 9.2 million jobs and contributes more than $1 trillion to the U.S. economy each year. Recent studies show that increasing access, or allowing domestic energy production in regions currently closed to development, could generate an estimated $194 billion in additional government revenue by 2025. Moreover, greater access could create 530,000 direct and indirect jobs by 2025.