Dip in Energy Prices Serves as Reminder of U.S. Achievements in the Energy Sector

December 7, 2021

Falling oil and natural gas prices are welcome news for consumers this week. The drop comes as unseasonably warm temperature forecasts predict decreased demand. Energy prices impact everything from gasoline to groceries, and after a year of rising prices, even this small reprieve helps.

Despite the political winds turning against them, America’s energy workers are truly incredible. Some new LNG projects have managed to come online, and through hard work and ingenuity, Americans continue to get the energy they need.

In October, PTF highlighted an important op-ed published in The Wall Street Journal. In that piece, former Undersecretary of Energy for Science Paul Dabbar highlighted the United States’ remarkable achievements in the energy sector. His piece opened:

The U.S. in 2019 became a net exporter of energy and achieved energy independence. Once at the mercy of hostile foreign governments that used energy supply as a cudgel, the U.S. is now the third-largest energy exporter in the world—a stunning reversal that has driven down prices for American consumers and created more than 10 million jobs in domestic energy.

Technological innovation and broad deregulation are responsible for transforming the U.S. into a global energy powerhouse. The development by American oil and gas companies of new horizontal drilling techniques and the perfection of the process of hydraulic fracturing were key elements in this turnaround. Inventing and adding additional energy supply options reduced the need for oil and gas supply to provide for domestic energy uses, freeing more up for exports.

As Americans enter the cold winter months with ample oil and natural gas supplies, Dabbar’s piece is worth remembering. While prices are still expected to be uncomfortably high, we will make it through. These achievements did not happen by accident. They happened because of focused efforts by the women and men who make up the American energy industry. Today, as every day, we are grateful to them and their efforts.