President Donald J. Trump Unleashes America’s Energy Potential
“Together, we are going to start a new energy revolution -- one that celebrates American production on American soil.” – President Donald J. Trump
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President Trump rescinded the Obama Administration’s Stream Protection Rule.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:
- “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.”