U.S. energy policy changes could create thousands of jobs

Access to U.S. offshore oil and gas resources remains vitally important to continued U.S. energy security and economic prosperity.

Article Oct. 19, 2018

U.S. energy policy changes could create thousands of jobs

The U.S. is the world's leading producer of oil and natural gas. An energy renaissance in the U.S. took off in 2008, brought on by the innovative combination of horizontal drilling and hydraulic fracturing. We are now living in an era of domestic energy abundance, which has impacted markets while delivering a wide array of economic benefits. In November 2016, the U.S. became a net exporter of natural gas for the first time since 1957. And, in December 2018, the U.S. exported more crude oil than it imported for the first time on record.

Nationwide, the energy industry supports more than 10 million jobs across all 50 states. America’s energy abundance has also helped lower energy costs for consumers. Between 2008 — about the time the U.S. energy renaissance started — and 2014, average annual energy costs per household dropped 14 percent. Likewise, American energy has lowered costs for businesses and industry, spurring the manufacturing sector’s revival and bringing a number of manufacturers back to the U.S. from overseas.

By promoting free markets, free trade, and the rule of law, policymakers can foster an atmosphere in which citizens and businesses identify and pursue new innovations and opportunities, invest and build, and achieve unprecedented success by adding value across the nation.

Still, obstacles to accessing U.S. offshore oil and gas resources continue to limit development through broad regulatory overreach. Approximately 94 percent of OCS land is currently unavailable to oil and natural gas leasing, leaving a large portion of American energy resources untapped. Recent studies estimate that leasing and developing all offshore areas could support nearly 750,000 new jobs, generate nearly $200 billion in cumulative revenue for federal and state governments, and contribute more than $60 billion per year to the U.S. economy.

Nationwide, the energy industry supports more than 10 million jobs.

Oil and natural gas will continue to supply over 60 percent of Americans’ energy for at least the next 30 years, so the ability to safely and responsibly explore our nation’s homegrown energy resources is a critical part of advancing the long-term energy security of the U.S.

Government policies most conducive to energy abundance, reliability, and affordability are not focused on micromanaging or manipulating energy markets, but on establishing basic parameters and allowing free markets to work.

With stable and unbiased public policies supporting open, competitive free markets, the energy industry and companies like ExxonMobil can help further an economic resurgence with disciplined investments in new projects, new technologies and new jobs that will help ensure reliable energy for the U.S. economy.

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