Senior Editor, Digital Content, U.S. Chamber of Commerce
January 06, 2017
Good things happen when American innovation combines with a good energy policy.
The U.S. is already a net exporter of natural gas.
The change in U.S. energy imports has been impressive. According to the Institute for 21st Century Energy the U.S. imported 30% of its total energy demand in 2005. That’s shrunk to 10% in 2016.
Credit for this positive outcome goes to fracking. The innovation of combining hydraulic fracturing with horizontal drilling and state-of-the-art information technology allows energy that was once trapped deep below the surface to now be safely produced.
As a result, oil and natural gas production has skyrocketed, with the U.S. as the world’s top producer of oil and natural gas since 2012.
On the policy side, in 2015 Washington wisely lifted the dated crude oil export ban. Now, both oil and natural gas exports are feeding hungry world markets.
However, there’s plenty more policy improvements that should be done to accelerate this energy revolution. For instance, better regulations that opens more areas—both on and offshore--to be safely developed as well as stream lined permitting processes for energy infrastructure (like liquefied natural gas facilities and pipelines) can continue this momentum.
A new administration along with an allied Congress can mean a much-needed reset in U.S. energy strategy--one that embraces our abundant energy resources.
About the authors
Sean writes about public policies affecting businesses including energy, health care, and regulations. When not battling those making it harder for free enterprise to succeed, he raves about all things Wisconsin (his home state) and religiously follows the Green Bay Packers.