Why Oil & Natural Gas
Oil and natural gas are, and will continue to be for many more decades, an integral part of American life.
Together, they supply more than 60 percent of our nation’s energy and are the foundation for products that we use daily. In 2040, the U.S. Energy Information Administration projects that oil and natural gas will still supply over 60% of the global energy needs.
Furthermore, the oil and natural gas industry supports 9.8 million U.S. jobs and contributes $1 trillion to our nation's economy, or 7.5% of our nation’s GDP.
Oil and natural gas fuel our cars, planes and boats; they heat our homes and light our lamps and stoves; and they provide the basis for thousands of products that we have come to rely on – from our toothpaste to our iPod®, our cellphone to our computers, and our vitamins to vinyl floors.
There is no silver bullet to meeting America's energy needs. We need all our sources of energy. But we must recognize the reality of our reliance on the fossil fuels that help power our economy. There is a significant amount of energy that we can produce domestically and not rely on from countries who may not always support our best interests. We must increase domestic oil and natural gas production for our nation's energy security.
America needs to create sound policies that increase, not decrease, energy production - of all types. Our policymakers must not create barriers to oil and natural gas development through moratoriums, higher taxes, and unnecessary regulations that stymie growth and hurt our economy.