Technology breakthroughs – pioneered in the United States – have unlocked North American oil and natural gas resources that were inaccessible just a generation ago. As a result, North America is expected to become a net energy exporter within the next two decades, reclaiming the region’s status as a global energy superpower.
The boom is already paying off: Increased North American oil and natural gas production boosted real U.S. disposable income by $1,200 per household in 2012 and is projected to increase household income by $3,500 in 2025.
North America’s energy resurgence is delivering for consumers, businesses, the U.S. economy and America’s standing in the world, but history suggests that those who stand still are quickly overtaken. Policymakers, regulators and business leaders should work together to adopt a policy framework that capitalizes on this historic opportunity and ushers in a new era of energy security.