ACHIEVING AMERICAN ENERGY DOMINANCE: President Donald J. Trump has taken action in his first five months to remove unnecessary and burdensome roadblocks that would have prevented the United States from achieving energy dominance.
- President Trump withdrew from the Paris Climate Accord.
- According to National Economic Research Associates (NERA), by 2040 the Paris Climate Accord would have cost the economy nearly $3 trillion and as many as 6.5 million industrial sector jobs, including 3.1 million manufacturing jobs.
- President Trump directed the Environmental Protection Agency to rescind the Obama Administration’s Clean Power Plan.
- According to NERA, the Obama plan would have increased electricity rates by as much as 14 percent, costing American households $79 billion.
- President Trump called for TransCanada to resubmit its application to build the Keystone XL Pipeline, and he then fast tracked its approval.
- Construction of the Keystone pipeline is expected to support 42,100 jobs and contribute $3.4 billion to the American economy.
- President Trump ended the Obama Administration’s coal leasing moratorium on Federal land.
- Federal land accounts for 40 percent of the nation’s coal production.
- According to the American Action Forum, the moratorium could have cost the country billions of dollars and killed coal industry jobs.
- President Trump rescinded the Obama Administration’s Stream Protection Rule.
- The Stream Protection rule would have imposed $1.2 billion in regulatory costs and added 218,000 hours of paperwork on American businesses.
- The National Mining Association estimated the rule would cost 280,000 jobs across the economy.
- President Trump directed the Department of the Interior to reconsider the Obama Bureau of Land Management’s Hydraulic Fracturing Rule.
- The Hydraulic Fracturing Rule was expected to cost the industry $32 million a year, adding $11,400 to the average cost of a hydraulic fracturing well.
CRITICAL TO AN AMERICAN ECONOMIC BOOM: The United States energy industry is critical to the economy and future economic growth.
- The energy sector has become a leading driver in hiring American workers, currently employing 6.4 million Americans.
- Last year, the energy sector added over 300,000 new jobs and is expected to add 198,000 new jobs this year.
- The average annual wage of workers in the oil and gas extraction industry is over $90,000.
- Approximately 32 percent of the 6.5 million construction industry employees work on energy or energy efficiency projects.
- After being a net energy importer since 1953, the United States could be a net energy exporter as soon as 2020.
- The natural gas revolution in the United States means our country will be a global player in exporting liquefied natural gas.
- According to the American Action Forum, natural gas exports from 2016 to 2040 could bring in $1.6 trillion in trade value, increase workers earnings by $110 billion, and raise $118 billion in Federal revenue.
ENERGY POTENTIAL: While Americans have been told they would have to settle for declining energy resources, innovation and new technology have opened trillions of dollars of energy for development.
- For too long, the country’s energy policy has operated on the false assumption that the country was running out of energy.
- In 2006, Former Vice President Al Gore claimed we are “at or near what they call peak oil.”
- In 2011, Former President Obama claim “we can’t just drill our way out of the problem.”
- In reality, American innovation and technology have allowed the United States to access an increasing amount of resources.
- Current estimates suggest we have 20 percent more oil than Saudi Arabia, valued at over $13 trillion, if prices average $50 a barrel.
- The United States is on track to export an average 1 million barrels of oil a day this year, double the pace of last year.
- Natural gas reserves are expected to be so large that they can meet domestic demand for almost a century.
- The United States has the second largest coal reserves in the world.
PROMISE TO THE AMERICAN PEOPLE: President Trump is following through on his promises to the American people.
- On March 28, 2017, President Donald Trump said:
- “We will unlock job-producing natural gas, oil, and shale energy. We will produce American coal to power American industry. We will transport American energy through American pipelines, made with American steel.”
- “Together, we will create millions of good American jobs — also, so many energy jobs — and really lead to unbelievable prosperity all throughout our country.”
- On June 28, 2016, then-candidate Donald Trump said:
- “It will be American hands that remake this country, and it will be American energy — mined from American resources — that powers this country.”
- “We are also going to fully capture America’s tremendous energy capacity. This will create vast profits for our workers and begin reducing our deficit.”