In Contrast to Administration, the Architecture of Abundance Vision Embraces America’s Potential as an Energy Superpower
America is in the midst of a new era of energy abundance, but we could be doing much better if we had the right policies in place. American Enterprise Institute scholar Mark Perry explains in a recent Investor’s Business Daily column that our welcome oil and gas boom has actually occurred in spite of President Obama’s policies, not because of them. Perry notes, “Production could have been even greater if the administration embraced America’s new energy superpower status instead of being so hostile to the development of our fossil fuel resources.” Perry asserts the president is “neglecting America’s new abundance of hydrocarbon resources” and “preventing the country from reaching its full economic potential,” noting what he described as the administration’s foot-dragging on LNG exports, refusal to approve the Keystone XL pipeline, and restrictive policies toward oil and gas production on federal lands. Perry also highlights that the president’s weak energy policy is “squandering millions of jobs that could be created from expanded energy production and the revitalization of U.S. manufacturing.”
House Energy and Commerce Committee Chairman Fred Upton (R-MI) recently unveiled a new energy vision that says #Yes2Energy, one that seeks to embrace our full energy and economic potential. It’s called Architecture of Abundance. By constructing new infrastructure and the right regulatory policies, we can seize the opportunity before us to create more jobs and fully unleash the benefits of our energy abundance. To learn more about the Architecture of Abundance visit: /yes2energy.
July 25, 2014
There’s A U.S. Energy Boom, No Thanks To Obama
It would be easy to look at the dramatic 35% increase in America’s oil and natural gas production since President Obama took office and think the administration deserves much of the credit. But the energy boom has happened in spite of him.
Production could have been even greater if the administration embraced America’s new energy superpower status instead of being so hostile to the development of our fossil fuel resources.
Since Obama took office, oil and gas production has soared on private and state land, for which he deserves little or no credit. Meanwhile, production on federal lands has dropped sharply due to a cutback in leasing of deepwater areas for energy development.
The U.S. government leases less than 2.2% of the energy-rich Outer Continental Shelf, and less than 6% of federal onshore lands. Offshore leasing is at half the level recorded during the Clinton administration, and its decline is indicative of Obama’s hostility toward the oil and gas industry.
Nevertheless, thanks to drilling on private and state land, U.S. oil production is on pace to break a 42-year-old record next year.
When Obama was elected in 2008, U.S. oil production averaged 5 million barrels a day. In 2013, daily output averaged 7.4 million barrels, and is expected to climb to 8.5 million this year and 9.3 million in 2015, according to the Energy Information Administration.
Most of the recent growth has come from tight oil deposits in Texas and North Dakota. Those two states combined now produce more than 4 million barrels every day and supply almost half of America’s total oil output.
Read the article online HERE.