U.S. CHAMBER OF COMMERCE

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Commentary & Analysis

Yogi Berra once famously said “A nickel ain’t worth a dime anymore.” If he had been talking about EPA’s Regional Haze regulations, he could have been talking about a whole lot more nickels--$2 billion dollars worth to be exact.   

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Yesterday, Reuters reported that crude oil exports from the United States reached their highest level since the 1920s. Using Census Bureau export data, Reuters calculates that crude shipments averaged 662,000 barrel per day in May.

The total quantity is only part of the story, however. Since the boom in U.S. crude oil production really started to take hold in 2012, exports of crude oil increased from 47,000 barrels per day in 2011 to 458,000 barrels per day in 2015. In the first five months of 2016, they’re running at a clip of about 500,000 barrels per day in 2016.

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The United States is home to abundant natural gas supplies, which are critical to meeting our increasing energy needs. As energy demand continues to grow, infrastructure projects like the proposed Atlantic Coast Pipeline that give Americans access to reliable, affordable energy are even more important. Along with providing a much-needed supply of natural gas, the Atlantic Coast Pipeline would create thousands of jobs and new, long-term revenue for West Virginia, Virginia, and North Carolina.

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America is at an energy crossroads. The fracking-enabled shale revolution is rapidly transforming the nation’s energy landscape, lowering prices for consumers and dramatically reducing our dependence on foreign oil.

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We tend to take our thermostats for granted. We crank the AC in the sweltering heat and don’t think twice about making the house warm and cozy during the dead of winter. But heating and cooling account for almost half of the energy use in the average American household, and place enormous demand on the electricity grid during periods of extreme weather. In 2016, for the first year ever, natural gas will supply more electricity in the U.S. than any other fuel source.

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