Due to advanced hydraulic fracturing and horizontal drilling, U.S. oil production has increased about 80 percent since 2006, and we now lead the world in natural gas production. Net petroleum imports are at their lowest levels in decades, and EIA’s latest energy outlook projects gasoline prices will remain below $3 per gallon through 2025.
It’s a new energy reality that requires a new energy policy approach.
Achieving the full possible scope of economic and energy security benefits requires doing away with any policy rooted in an energy scarcity outlook, starting with export policy. The ban on crude oil exports is a relic from the 1970s oil embargo that has no justification in 2015. Nonpartisan government agencies as well as research organizations left, right and center agree that ending the ban will generate significant economic and security benefits, improve the trade balance and put downward pressure on gasoline prices.
Few policy proposals are backed by