American Energy Security



 

How Texas is Making America More Energy Secure

Key Findings

The United States is now producing more oil and natural gas than any country in the world, and American oil and natural gas production volumes are at record highs.

The United States is poised to export more energy than it imports for the first time since the 1950s; during the past decade, the U.S. energy trade deficit fell by $363 billion, while the non-energy trade deficit rose by $343 billion.

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Texas is leading America toward this unprecedented level of U.S. production and energy security.

The Lone Star State now accounts for 40% of U.S. oil production and 25% of our nation’s natural gas production

The Permian Basin recently overtook Saudi Arabia’s Ghawar as the world’s top producing oilfield and produces the second most natural gas of any field in the United States.

Texas’ Eagle Ford Shale is the second highest producing oilfield in the United States.

In January 2019, Texas monthly oil production was 900,000 barrels per day (b/d) higher than the previous January. That increase is greater than Oklahoma’s and Wyoming’s total monthly oil production, combined.

Driven by energy exports, Laredo surpassed Los Angeles as the nation’s top trade port in March of 2019.

Thanks to homegrown, low-cost natural gas, Texas residential consumers saved more than $7 billion over ten years.

Maintaining U.S. energy security – and the Texas energy revolution – will require more pipelines, expanded export infrastructure, and a stable regulatory environment.

Expanding the Houston Ship Channel has the potential to provide significant benefits to both energy exporters and other shippers.

New restrictions on pipelines and other infrastructure would create an unstable investment climate – and could ultimately undermine the Texas energy revolution.

Conclusion

Texas oil and natural gas development is an integral part of U.S. energy security. With unmatched levels of production coming from places like the Permian Basin and the Eagle Ford, the Lone Star State is providing the resources we need domestically, while also supplying our trading partners with a reliable source of affordable energy. Soaring production from Texas has also lowered petroleum’s share of the U.S. trade deficit to almost zero, as growing exports help to shift the country from a net importer to a net exporter. This transition means billions of dollars in revenue, an improved balance of trade and a substantially decreased reliance on foreign countries for our energy needs.

For this energy revolution to continue, however, it’s crucial that the build-out of pipelines and export infrastructure continues. Doing so will mean continued job growth and improved positioning for Texas within the global energy market. But this infrastructure expansion is not possible without a stable regulatory environment. While Texas has proven the ideal location for energy development with its pro-business and low-tax environment, adding burdensome regulations would have dire consequences on production and the Texas economy.

Texas is known around the world for its prolific energy production, and as global demand for oil and natural gas increases in the coming decades, the Lone Star State is well-positioned to capitalize on that opportunity – helping to make America even more energy secure in the process.

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