The value of American energy dominance

The Trump administrations’ focus on deregulation and innovation has taken energy dominance to new levels. Innovations in this sector benefit Americans by increasing productivity and lowering energy prices for consumers. Last year, the United States became for the first time since 1949 a net exporter of petroleum products (petroleum raw and refined).

Additionally, in 2017, the United States became a net exporter of natural gas on an annual basis for the first time since 1957. Texas and New Mexico, home to the historically productive Permian Basin, first discovered in 1920, helped lead a revolution in shale oil. and the production of natural gas with substantial economic and environmental benefits for the United States. In 2019, driven by shale, Texas was the fourth largest producer of crude oil in the world. The actions taken by the Trump administration have supported both higher-than-expected coal and LNG exports and renewable energy capacity.

In a recent report, the Council of Economic Advisers (ECA) highlighted the benefits of oil and gas innovation. From 2007 to 2019, innovation in shale production increased extraction productivity eightfold for natural gas and nineteen for oil. The CEA estimates that shale-related energy productivity improvements reduced the domestic price of natural gas by 63 percent and led to a 45 percent drop in the wholesale price of electricity.

The shale-focused improvements also reduced the world price of oil by 10%. As a result of these price cuts, the CEA estimates that the shale revolution saves US consumers $ 203 billion per year, or an average of $ 2,500 for a family of four. These savings are experienced by all consumers, but they represent 6.8% of income for the poorest fifth of households against 1.3% for the richest fifth of households (Figure 1).

The report also documented how innovation can lead to greater environmental benefits than those sought by regulation. From 2005 to 2017, the shale revolution reduced energy-related greenhouse gas (GHG) emissions by 527 million metric tonnes per year, contributing to a greater drop in GHG emissions compared to the size of the economy in the United States (-29%) than in the European Union (-21%) over this period.

This drop is larger than what the EPA predicted that its 2012 standards for light vehicle greenhouse gas emissions and business average fuel consumption (CAFE) would reach in 2025 (380 million metric tonnes) and more than double what the EPA predicted in 2015. Canceled Clean Power Plan would reach by 2025 (240 million metric tons). These environmental benefits materialized as the United States became a net exporter of natural gas (Figure 2). The sharp increase in natural gas exports came despite natural gas prices 50% lower than they were when President Trump was elected.

Thanks to the pro-growth policies of the Trump administration, the energy sector has diversified and strengthened its relationships with the private sector. LNG exports have grown fivefold under the Trump administration, with US LNG now delivered to 38 countries around the world. In addition, through 2019, coal exports have exceeded the Energy Information Administration (EIA) 2017 forecast by more than 54% since President Trump took office.

In addition, this administration has accelerated the development of other uses of coal such as the transformation of coal into products and the production of hydrogen from coal which provide new markets for coal. President Trump remains a strong supporter of carbon capture and storage (CCS) technologies, essential to fossil fuels and many industrial processes, through the 45Q tax credits of the bipartisan budget law of 2018 and the directions recently proposed by the IRS.

Renewable energy capacity continues to expand, demonstrating the importance of policies and actions such as the executive decree of a federal decision and reforms to the regulations of the National Law on Environmental Policy that apply to all federal agencies. Until March 2020, renewable energy capacity was 10 percent higher than planned capacity and over 30 percent higher than renewable capacity in January 2017. With the construction and upgrading of energy infrastructure, the renewable energy production becomes competitive with other energy sources, securing its future. viability.

All of this progress is happening at the same time as emissions are falling. Critical pollutant concentrations have been declining since 2017, with lead down 28%, sulfur dioxide 10% and particulate matter down 12%. As this administration has demonstrated, innovation generates real positive results for the American consumer, businesses and the environment. In addition, the power sector reduced its per unit carbon dioxide emissions by 15% from expectations in the 2017 EIA when President Trump took office.

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