The Henderson News (Feb. 29, 2024) – Twenty years ago the United States imported more than half of the oil we consumed each day. Today, primarily through innovative technology developed by the American oil and natural gas industry, the U.S. exports more oil than it imports. In 2004, the U.S. imported 13.7 million barrels of oil per day (b/d) while producing 5.2 million b/d, resulting in a negative 8.5 million b/d. Currently, the U.S. imports just 6 million b/d while producing 13.3 million b/d, resulting in the U.S. becoming a net exporter of oil. Natural gas also has become a net exporter with liquefied natural gas (LNG) traveling to Japan to the west and Europe to the east and many other countries.
The industry began experimenting with new technology in the 1990s that involved drilling vertically into shale formations and then drilling horizontally and then hydraulic fracturing the shale to free the oil and gas to flow to the surface. Around 2008 the rush to drill using this new technology took off. However, some of the politicians in Washington, D.C. are using the regulatory weapon against the oil and gas industry. President Joe Biden has used his power in an attempt to make it more difficult and expensive for the oil industry. The Biden administration recently implemented a complicated new methane tax, proposed new emission standards for vehicles, limited exploration on public lands, and proposed limiting LNG exports.
The American Petroleum Institute (API) this week released a new national poll demonstrating widespread concern over Washington’s approach on energy policy. The poll, conducted Feb. 9-13 of 1,132 registered voters, found 86% believe producing oil and natural gas here in America helps make our country more secure against action by countries such as China and Russia. Also, the survey found 84% believe producing more oil and natural gas in the U.S. could help lower energy costs for American consumers and small businesses. Two out of three American voters say the country is on the wrong track on energy policy, and following the administration’s recent pause on LNG export permits, the poll found nine in 10 Americans believe the U.S. should continue to supply natural gas to our allies overseas, API said. With recent reports that the administration plans to impose a de-facto ban on new gas-powered vehicles, the poll found that the majority of Americans (75%) would oppose such regulations restricting consumer choice.
“While the U.S. continues to lead the world in energy production, it’s clear the American people see that misguided policy choices today can sow the seeds of tomorrow’s energy crisis,” API President and CEO Mike Sommers said.
“Whether it’s partisan decisions to restrict American natural gas as a source of strength around the world and good-paying jobs here at home, or regulatory plans to dictate the type of cars consumers can drive—voters on both sides of the aisle know we are on the wrong path on energy policy. With much at stake for our economy and national security, it’s time for Washington to change course and forge a bipartisan path that embraces all reliable and affordable American energy,” Sommers said.
