America's Energy in the Global Economy

July 1, 2011

America imports half of the oil that it uses, so it is imperative that proper policies that impact energy must be put in place.

American energy companies are exploring new technologies to develop and find energy resources with the goal of increasing our energy independence.  The oil and natural gas industry directly employs more than 2 million people in America, and an additional 7 million people indirectly through supporting industries.  

The ban on off-shore drilling implemented after the BP oil spill last summer hinders development and increases American dependency on foreign oil.  Instead America should be investing in its own energy resources because when America invests in energy it invests in its own future security. 

Even before the crises in Egypt, Libya and other parts of the Middle East occurred, analysts predicted energy prices in 2011 would rise.  Oil is expected to be $14/barrel higher than its 2010 average, and gas is estimated to cost at least 39 cents more per gallon than in 2010.  Increasing American access to domestic oil or to oil from friendly nations would help decrease these costs. 

Studies show the United States will need oil and natural gas through 2030.  While we import more oil from Canada than from any other country, increasing America’s own energy resources and its ability to access energy from friendly countries will only improve our energy situation. 

Energy accessibility doesn’t just help your local gas station or the big oil companies.  Instead it affects everyone.  All sectors of the economy are touched by energy - agriculture, education, health, transportation and sales just to name a few - and the more affordable it is, the stronger the American economy will be.

The Energy Forum Team.

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