- Since 2008, U.S. oil production has increased around 25 percent.
- Because of this, oil imports only make up 42 percent of overall oil consumption, compared to 60 percent in 2005.
- The United States is expected to increase oil production to over 11 million barrels a day by 2020.
- As a result, oil imports will decline to 4 million a day.
- The United States has overtaken Russia as the world's largest natural gas producer.
- In less than a decade, shale gas production has gone from 2 percent of natural gas production to 37 percent.
There are several economic benefits that the United States enjoys as a result of moving toward energy independence.
- Around 1.7 million oil and gas jobs have been created in the energy sector.
- By 2020, we could expect 3 million new jobs.
- The U.S. trade deficit could be narrowed as natural gas exports increase and oil imports decline.
- Cutting oil imports by 6 million barrels per day by 2020, as the IEA projects, would save the United States about $180 billion a year.
- Furthermore, U.S. manufacturing would be revived.
Source: Desmond Lachman, "Gushing about America's Energy Future," American Enterprise Institute, December 3, 2012.