Increasing access to domestic sources of oil and natural gas is critical to putting our nation on the road to economic recovery and to meeting the energy needs of American consumers.
Results from a Wood Mackenzie study show greater access to domestic energy resources could generate $1.7 trillion in government revenue, create more than 530,000 new jobs by 2025 and enhance America’s energy security by significantly boosting energy production.
The following are examples where access to domestic oil and natural gas resources could increase America's energy security:
- The Gulf of Mexico could hold 3.8 billion barrels of oil and 21.5 trillion cubic feet of natural gas.
- Opening the Atlantic coastline could make available 3.8 billion barrels of oil and 37 trillion cubic feet of natural gas.
- The U.S. Geological Survey (USGS) estimates that the National Petroleum Reserve in Alaska and adjacent state waters holds 896 million barrels of undiscovered oil and about 53 trillion cubic feet of undiscovered natural gas.
- The Pacific coast is etimated to contain 10.5 billion barrels of oil.
Americans need policies that will allow domestic companies to develop oil and natural gas resources here in the United States. With advances in technology and stringent standards and procedures based on decades of experience, the industry can safely and efficiently develop our domestic resources and create jobs, revenue and energy security for our nation.
The administration and Congress should listen to the American people, and create the energy policies our nation needs.