Why Oil and 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. Although the share of non-fossil fuels is growing rapidly, fossil fuels (oil, natural gas and coal) will continue to play leading roles through at least 2040.
The U.S. Energy Information Administration (EIA) forecasts U.S. energy demand will grow by 12 percent between 2012 and 2040, with more than 60% of that demand to still be supplied by opil and natural gas.
Furthermore, the oil and natural gas industry supports 9.8 million U.S. jobs and contributes $1 trillion to our nation's economy, or 7.1% 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.
In 2012, oil accounted for 37 percent of our total energy use and powered 92 percent of our transportation needs. Natural gas supplied 28 percent of our total energy needs with 76 percent of that going to residential and industrial use.
Looking ahead a quarter century from now, this is not expected to change, which means each energy source — from oil and natural gas to solar and wind energy; from coal and nuclear to hydropower, geothermal and biomass — will remain essential to successfully meet America’s future energy needs.
As important as energy security, the oil and natural gas industry is critical to our economic security, providing millions of jobs for Americans and further driving the economy through the goods and services purchased by these workers.
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.