Report: Texas Energy is the Backbone of U.S. Energy Security
Mon, July 01, 2019
Texas oil and natural gas production is critical for strengthening American energy security, according to a new report from Texans for Natural Gas. The report details how Texas energy is driving American energy production, less dependent on foreign imports, and America’s historic transformation into a net energy exporter.
The report, Leading the Charge: How Texas is Making America More Energy Secure, also outlines what steps Texas must take to remain the driving force behind American energy security.
- Texas is breaking energy production records: The Permian Basin recently overtook Saudi Arabia’s Ghawar as world’s top producing oilfield and produces the second most natural gas of any field in the United States.
- Reducing the trade deficit: According to the U.S. Census Bureau, petroleum has dropped from 66 percent of the U.S. trade deficit in April 2011 to just 2.1 percent in December 2018.
- Exporting powerhouse: Driven by energy exports, Laredo surpassed Los Angeles as the nation’s top trade port in March of 2019. Also, the value of Texas monthly crude exports increased by over 1,780 percent in just three years from January 2016 to January 2019.
- American manufacturing renaissance: The petrochemical manufacturing sector in Texas has seen $69 billion in new capital investment since 2010 and employs an estimated 878,000 people.
“The Texas-led shale revolution is cutting America’s trade deficit and generating billions of dollars in economic benefits for our state and the rest of the country,” said Steve Everley, spokesperson for Texans for Natural Gas. “For decades politicians have promised us energy security and a rebirth of manufacturing. Fracking in Texas has delivered both.”
As production continues - crude oil output from the Permian Basin is expected to double to 8 million b/d in only four years – new pipelines and other infrastructure will be critical to keeping the Texas energy boom alive. The new report also highlights how Texas will need to expand ports and keep a stable regulatory framework.
“Our energy security depends on the continuation of the Texas miracle,” Everley added. “The enormous benefits afforded by Texas production will be lost if we don’t have the necessary infrastructure and stable regulatory environment to facilitate continued growth.”
The full report can be found here.