The Oil and Gas Industry Is Breaking Records and Still Growing

The Oil and Gas Industry Is Breaking Records and Still Growing

February 12, 2020

In less than a decade, the U.S. has moved from a distant third place in crude oil production to the world’s number one producer. A lot of this is thanks to President Trump’s encouragement of the industry, and, if we want to keep seeing these results and reaping the rewards, we should keep that in mind throughout this election year.

Forbes reports:

The growth of the US oil and gas industry, production in particular, has been nothing less than explosive…With no major hurdles in the short-term, it appears continued growth is likely.

The only foreseeable “major hurdle” would be a change in administrations. The natural gas and oil industry is too important to limit, let alone destroy entirely, which much of the Democratic presidential field is proposing to do if elected.

The US oil and gas sector employs about 880,000 workers and contributes about $1.5 trillion towards the US gross domestic product, the growth of which has been heavily driven by shale production. Production of oil and gas hit record levels in 2019…

The U.S. also recently achieved energy independence, becoming a net exporter of oil and natural gas. These are accomplishments that benefit Americans in their everyday lives and improve our country’s positioning on the global stage. Under President Trump’s leadership, these benefits are only looking to increase.

The International Energy Agency (IEA) estimates that, by 2024, the US will export more oil than Russia and will come close to the exports of Saudi Arabia. The IEA goes further to estimate that, under stated policies, over the next decade, 85% of the increase in global oil production will come from the US.

Particularly during this time of year, with presidential primaries heating up and candidates competing for the national spotlight, it’s easy to get lost in headline-grabbing statements and talking points. With all of this going on, it’s important not to forget the facts, take these benefits for granted, or forget whose leadership this success came under.