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Fracking is Saving Consumers a Lot of Money

According to the Institute for Energy Research, consumers can thank fracking for putting a lot of money back in their pockets:

…a new study has found that hydraulic fracturing and horizontal drilling applied to shale oil formations saved consumers between $63 and $248 billion in 2013 (and a cumulative savings between $165 and $624 billion.) Without these technologies, international crude oil prices would have averaged $122 to $150 per barrel– $12 to $40 a barrel more or between $0.29 and $0.94 per gallon more on gasoline and other refined products.   President Obama’s insistence that “we can’t just drill our way to lower gas prices” has been proven dead wrong.

The U.S. energy renaissance has been driven by innovations in horizontal drilling and hydraulic fracturing. About 48 percent of U.S. oil, condensate and natural gas liquids production in 2013 came from shale formations produced using these technologies—up from 11 percent of U.S. production in 2008. Total production of these fuels from shale oil formations in 2013 was 4.78 million barrels per day. Nearly every barrel of new U.S. oil production is attributable to the use of horizontal drilling and hydraulic fracturing technologies.

The evidence is clear that fracking is creating jobs around the country. Now this new study shows just how much consumers are benefiting from it, too.

Energy Citizens have been steadfast supporters of fracking, even in the face of intense pressure to shut it down. We need to keep up the good work to ensure that fracking remains a viable way to access our nation’s abundant energy resources. If we do, consumers will be seeing the benefits for decades to come.

Energy Exports are Good for America

With the big increase in American oil and gas production, the U.S. now has the ability to become an energy supplier to the world. Unfortunately, outdated laws are preventing us from accomplishing this. Nicolas Loris of the Heritage Foundation explains in a Washington Times op-ed the many benefits the U.S. would see if these laws were changed.

He points out that one big benefit would be economic:

Expanded exports could provide a huge boon to the American economy, providing jobs and increasing economic growth broadly. Providing other countries with cheaper energy helps in two ways. It lowers the prices of products that the U.S. imports because the businesses could make the products more cheaply. And it promotes economic development in those countries, enabling them to import more American goods.

… Several studies project that lifting the ban would likely decrease gas prices in the U.S. and globally by creating a more efficient distribution system for processing oil. A recent study from the economic consulting firm IHS finds that removing the ban would lower gasoline prices by 8 cents per gallon, saving motorists $265 billion over 15 years.

Exports would also be good for our energy security:

Providing more energy choices to both producers and consumers worldwide will bolster U.S. national security by increasing global energy supplies. It will also reduce the ability of any one nation to use its control of energy resources to threaten U.S. interests.

Read his entire op-ed to see more reasons why our energy laws should be updated to reflect the reality of today’s oil and natural gas development.

Americans overwhelmingly voted for energy

“In the 2014 election cycle, energy was a clear winner, because voters from every party recognize its key role in job creation and economic growth: the top priorities on Election Day. In race after race, voters from all regions of our nation and from both political parties voted for candidates who stood behind pro-development, all-of-the-above energy policies.”
API President and CEO Jack Gerard

On November 4, the message voters sent to Congress, the White House, and state houses across the nation could not have been more clear—Americans want commonsense, pro-energy policies.

As reported in Your Oil and Gas News, a telephone poll conducted for the American Petroleum Institute on election night found strong support for oil and natural gas development. The survey of voters showed that:

• 72 percent support building the Keystone XL Pipeline.
• 90 percent recognize that increased production of domestic oil and gas creates jobs.
• 86 percent believe oil and gas development stimulates the economy.
• 66 percent are more likely to vote for candidates in 2016 who endorse pro-oil and gas policies.

Officeholders from the President on down can no longer question the priorities of the American people when it comes to energy. Voters have strongly spoken out in favor of a true all-of-the-above energy strategy that includes oil and natural gas. Now it’s up to our elected officials to heed the message and govern accordingly.

Energy Citizens Score a Victory on Cove Point

Our nation is now one step closer to becoming a global energy superpower.

In late September, federal regulators decided to allow liquefied natural gas (LNG) to be exported from Maryland’s Cove Point facility. Originally built to import LNG, Cove Point now has the green light to be refurbished and made export-capable. 

Energy Citizens like you played a big role in making this happen. You sent letters and e-mails to decision makers, you testified at hearings, and you attended events in support of Cove Point. By making your voices heard, you helped set the stage for America to open new markets for our energy.

Even though Cove Point’s application was approved, the LNG export approval process in America is still broken. It takes far too long for sites to receive permission to sell our nation’s abundant natural gas to our allies in other nations. Red tape is tying up our energy economy, threatening to slow down American oil and gas production.

While we celebrate the singular victory at Cove Point, we need to continue our efforts to modernize the LNG export process more broadly.

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