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Innovation-Driven Energy Dominance Is a Win for American Consumers
Innovation-Driven Energy Dominance Is a Win for American Consumers | The White House
The United States has been a net importer of oil and petroleum products since at least 1949. But, in its most recently released Short-Term Energy Outlook, the Energy Information Administration (EIA) estimates that the United States was a net exporter of crude oil and petroleum products in September 2019. EIA also forecasts that the United States will be a net exporter of crude oil and petroleum products for all of 2020.
This historic achievement follows the United States becoming the world’s top producer of crude oil in 2018, a net exporter of natural gas in 2017, and the world’s top producer of natural gas in 2011. U.S. energy innovation, epitomized by the shale revolution, drives this historical production boom. And, as President Trump said last month, “a thriving energy industry not only benefits hardworking Americans… who live in shale country; it is an enormous benefit to citizens across our country…”
CEA’s recent paper on the benefits of energy innovation finds that the shale revolution has delivered immense consumer welfare gains. From 2007 to 2019, innovation in shale production brought an eight-fold increase in extraction productivity for natural gas and a nineteen-fold increase for oil. CEA estimates that shale-driven improvements in energy productivity reduced the domestic price of natural gas by 63 percent and led to a 45 percent decrease in the wholesale price of electricity. Shale also reduced the global price of oil by 10 percent. These substantial price decreases far exceeded earlier government projections.
Because of these price decreases, CEA estimates that the shale revolution saves U.S. consumers $203 billion annually, or an average of $2,500 for a family of four.........
ME: This is Huge, maybe Trumps greatest accomplishment. This would never happen under the green socialist pig Democrats
Innovation-Driven Energy Dominance Is a Win for American Consumers | The White House
The United States has been a net importer of oil and petroleum products since at least 1949. But, in its most recently released Short-Term Energy Outlook, the Energy Information Administration (EIA) estimates that the United States was a net exporter of crude oil and petroleum products in September 2019. EIA also forecasts that the United States will be a net exporter of crude oil and petroleum products for all of 2020.
This historic achievement follows the United States becoming the world’s top producer of crude oil in 2018, a net exporter of natural gas in 2017, and the world’s top producer of natural gas in 2011. U.S. energy innovation, epitomized by the shale revolution, drives this historical production boom. And, as President Trump said last month, “a thriving energy industry not only benefits hardworking Americans… who live in shale country; it is an enormous benefit to citizens across our country…”
CEA’s recent paper on the benefits of energy innovation finds that the shale revolution has delivered immense consumer welfare gains. From 2007 to 2019, innovation in shale production brought an eight-fold increase in extraction productivity for natural gas and a nineteen-fold increase for oil. CEA estimates that shale-driven improvements in energy productivity reduced the domestic price of natural gas by 63 percent and led to a 45 percent decrease in the wholesale price of electricity. Shale also reduced the global price of oil by 10 percent. These substantial price decreases far exceeded earlier government projections.
Because of these price decreases, CEA estimates that the shale revolution saves U.S. consumers $203 billion annually, or an average of $2,500 for a family of four.........
ME: This is Huge, maybe Trumps greatest accomplishment. This would never happen under the green socialist pig Democrats
