preview

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.

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.