U.S. energy policy

Given the critical need to foster economic recovery in the United States, and the goal of increasing energy security, policymakers should support measures to expand domestic energy development.  Many of the best opportunities for developing additional domestic oil and gas supplies have been placed off-limits by government policies.  Although a longstanding ban on leasing portions of Outer Continental Shelf was lifted by Congress in 2008, there is no approved plan to advance toward developing these resources.

  • According to the American Petroleum Institute (API), federal lands, including those on the Outer Continental Shelf (OCS), hold an estimated 116 billion barrels of recoverable oil and 650 trillion cubic feet of recoverable natural gas — enough to fuel over 65 million cars for 60 years and meet the natural gas needs of 60 million households for 160 years.
  • However, there could be much more oil and natural gas than has been estimated in areas where industry has not been permitted to explore, and where new technologies allow enhanced recovery of energy resources while protecting the environment.
U.S. Crude Oil and Natural Gas Resources

  • Opportunity for Economic and Jobs Growth:  A recent study by ICF International estimates that the development of oil and natural gas on federal lands (including OCS) previously or currently closed could increase domestic oil production by as much as 2 million barrels per day, and natural gas production by over 5 billion cubic feet per day.  Over the next 20 years, such activity could create as many as 160,000 new jobs. 
  • The ICF International study also estimated that domestic oil and natural gas development could generate approximately $1.7 trillion in federal, state and local government revenues to fund critical governmental priorities.
  • Importance of the Oil and Gas Industry to the American Economy.  A recent study by PricewaterhouseCoopers found that the U.S. oil and gas industry in 2007: (1) added over $1 trillion to the American economy (7.5 percent of gross domestic product); and (2) supported more than 9 million full- and part-time jobs in the United States.

United States' supplies accounted for just around 40 percent of the oil it consumed in 2008.  From 1999 to 2008, U.S. crude oil production declined; in 2009 it grew by around 360,000 barrels per day to an average of 5.3 million barrels per day.

U.S. Crude Oil Production