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. A few short years ago, the U.S. become the world's leader in energy production. Since 2008, America’s crude oil production has surged by 80%. We have surpassed Russia and Saudi Arabia as the world’s largest producer of oil and natural gas.
This makes us a safer nation. It makes us more economically sound and less dependent on oil from nations that don’t share our national interests.
The oil and natural gas industry alone supports jobs for more than 9.8 million Americans. It supports 136,400 good-paying jobs in Indiana that average $80,909, almost double the state's average salary salary of $42,718. The industry adds $16.6 billion to our state's economy.
With pro-energy policies, there’s the potential to create millions more jobs and generate $122 billion more in governement revenues by the year 2035.
More Than Transportation
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.
- Dishwashing Liquids
- Golf balls
Oil and natural gas are, and will continue to be for many decades, an integral part of American life.
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.
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.
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.