Washington – A new analysis released today by Business Roundtable details the technology-driven transformation of North America’s energy landscape and makes recommendations for how the United States can take even greater advantage of its energy resources.
“The United States has emerged as a global energy superpower, but national energy policy is stuck in neutral,” said Nicholas K. Akins, Chairman, President and Chief Executive Officer of American Electric Power and Chair of the Business Roundtable Committee on Energy and Environment. “We are calling on the Administration and Congress to adopt a more strategic approach to U.S. energy policy, one that takes maximum advantage of North America’s energy abundance.”
Powering Forward: North America’s Energy Resurgence details the significant progress the United States, Canada and Mexico have made to increase energy production in recent decades. From innovative extraction technologies to increased use of renewables, the United States has been the global leader in boosting its domestic energy resources.
“America’s energy abundance is already delivering great benefits to Michigan families and all Americans, but we can be doing so much more,” said House Energy and Commerce Committee Chairman Fred Upton (R-MI). “I look forward to working with America’s business leaders to enact a national energy strategy that will build on our advantages and ensure a reliable, affordable supply of energy for the future.”
“This report from Business Roundtable properly calls for a consensus among policymakers to streamline permitting of infrastructure, improve access to energy resources and modernize our energy laws and regulations. It builds on the ever-growing body of work by the private sector, think tanks, universities and some government agencies that highlights the opportunity we have to strengthen the positive momentum we’ve recently experienced in North American energy,” said Senate Energy and Natural Resources Committee Chairman Lisa Murkowski (R-AK). “That is why — working with my colleagues on the Energy Committee — I have developed broad bipartisan energy legislation. The report helps make the case for such progress.”
Among the key findings in the report:
• America Is No. 1: The United States has emerged as the world’s largest oil producer.
• $1,200 per Household: $1,200 boost in real disposable income for the average American household in 2012 as a result of the reduced electricity prices and expanded industrial activity associated with low natural gas prices.
• $700 Billion: Booming oil and gas production in Canada has the potential to add $700 billion in U.S. economic output between 2010 and 2035.
Key recommendations include:
• Fortify Critical Infrastructure by removing barriers to private sector investment, particularly with regard to pipeline infrastructure and storage capacity.
• Streamline Regulatory, Permitting and Approval Processes to facilitate investment, while continuing to ensure public health, environmental quality and safety.
• Open Access to Promising Resources by increasing access to onshore and offshore federal lands.
• Engage Internationally by promoting improved regional integration and access to global markets, including support for oil and gas exports.
You can read the full report at www.brt.org/powering-forward.
Business Roundtable earlier this year released an economic growth agenda that includes tax reform, expanded trade opportunities, immigration reform, fiscal stability, infrastructure investment and a more strategic approach to energy policy that capitalizes on America’s strengths. Learn more about Business Roundtable positions on energy policy here and our 2015 growth agenda here.