For the first time in nearly two decades, the United States now produces more oil at home than we buy from other countries. Indeed, the U.S. has emerged as a global energy power. Last year, the United States became the world’s biggest oil producer, surpassing both Saudi Arabia and Russia, as well as the world’s biggest producer of natural gas, thanks to hydraulic fracturing.
This age of energy abundance is already benefiting American consumers. The shale boom has created an immense network of direct and indirect jobs as well as reduced energy costs across the country. Cheaper energy prices put more money in American’s pockets; these savings are of vital significance, particularly for low income families.
“Businesses plan to invest almost $100 billion in new factories that use natural gas.”
The shale revolution is also generating billions in tax revenues for local, state, and federal governments. Some of the more active counties in South Texas are seeing sales tax increases as high as 500 percent year-over-year due to production in the Eagle Ford shale.
The abundant energy supply has been key to reducing the nation’s greenhouse gas emissions and improving air quality. In fact, the U.S. achieved the lowest carbon dioxide emissions since 1994 thanks to hydraulic fracturing and the abundance of clean-burning natural gas.
Check out EID’s newest video — The U.S. Shale Revolution: An Economic and Environmental Game Changer.