America Winning in Oil Production
Bank of America reports that the U.S. has now eclipsed Saudi Arabia to become the world’s largest oil producer. According to Bloomberg, "U.S. production of crude oil, along with liquids separated from natural gas, surpassed all other countries this year with daily output exceeding 11 million barrels in the first quarter. …"
This news is just the latest indicator of America’s emerging energy supremacy. In 2010, the U.S. overtook Russia as the world’s number one natural gas producing nation.
The shale gas revolution is proving to be a boon to America’s economy and consumers’ wallets. Reporting the bank’s findings, Bank of America’s Francisco Blanch said, "The shale boom is playing a key role in the U.S. recovery. If the U.S. didn’t have this energy supply, prices at the pump would be completely unaffordable." A study from IHS last year found American energy production will contribute $2,000 per household to family incomes by 2015.
House Energy and Commerce Committee Chairman Fred Upton (R-MI) said, "America has achieved the unthinkable in surpassing Saudi Arabia in oil production, and the benefits of this energy abundance are clear—more jobs, lower prices, and greater global energy security. Now that we have emerged as an energy superpower, the next step is ensuring we have the right policies in place to take full advantage of our energy leadership."
Last month, the House voted on a package of bills to allow America to fully realize the benefits of our abundant energy resources. H.R. 3301, the North American Energy Infrastructure Act, authored by Chairman Upton and Rep. Gene Green (D-TX), establishes a clear and efficient approval process for pipelines and transmission lines that cross the borders of the United States with Canada or Mexico. The bill will help facilitate the construction of job-creating infrastructure projects to transport North America’s growing energy supplies to markets and consumers. H.R. 6, the Domestic Prosperity and Global Freedom Act, authored by Rep. Cory Gardner (R-CO), expedites DOE’s approval of liquefied natural gas (LNG) exports, which will create more jobs here at home and increase energy security abroad. It is now time for the Senate to take up these commonsense measures and say yes to America’s energy potential.