A Domestic Energy Revolution Is Underway In the United States

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from NCPA,

Across America (and on its coastal borders), a domestic energy revolution is underway — one that is providing our nation with a genuine economic “stimulus” built on the free market pillars of innovation and hard work, says Nathan Mehrens, president of Americans for Limited Government.

– In Pennsylvania the Marcellus Shale formation produced 1.4 trillion cubic feet of natural gas during the first two quarters of 2013 alone — enabling the Keystone State to become the third-biggest gas-producing state in America.

– West Virginia — another state accessing the Marcellus Shale — has rocketed into the top 10 in gas production (even though the Mountaineers have drilled only 5 percent of all available Marcellus wells).

These gains — powered by innovative hydraulic fracturing (or “fracking”) techniques — are driving down energy prices nationwide and creating desperately needed jobs at a time when America’s work force participation has shrunk to a 35-year low.

– According to a report by the U.S. Energy Department, domestic oil production is climbing to levels not seen since 1970.

– And it’s projected to increase by an average of 800,000 barrels per day through 2016.

– Natural gas production is also expected to expand dramatically — climbing by 56 percent between 2012 and 2040 to an estimated 37.6 trillion cubic feet.

– All told, America will rely on imports for just 25 percent of its oil supplies in 2016 — down from last year’s 37 percent level.

– Meanwhile the world oil benchmark is projected to drop to $92 per barrel in 2017 — $20 less than last year’s average.

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